A lot of interesting reading here and a lot of mythe and folklore. Here are my comments:
1/ 115/230 volt power is definitely not 2 phase. It is single phase.
2/ In polyphase power, that is, true 2 phase, 3 phase, 6 phase, 12 phase (yes it is used in special cases) the power is supplied continuously, not at 120 (or 100) pulses per second as it is in single phase. This is what distinguishes single phase from polyphase.
3/ In 2 phase the two voltages are 90 degrees apart, 3 phase 120 degrees, 6 phase 60 degrees, etc.
4/ Strictly speaking, inversion is the conversion to from DC to AC. The common inverters first generate DC then chop it into AC. Rectification goes the other way; AC to DC.
5/ The cons of low pf lagging are low HP per amp drawn, as noted elsewhere, increased voltage drop in power lines, and on the large scale loss of sychronization of the power line which means that the transmitting and receiving ends fall out of step. Also low pf lagging demagnetizes the generator so can make it fall out of step with the power system. I don't think anyone reading this should worry about it except the low HP per amp.
6/ Low pf leading can be just as bad for the power utility co. as it can cause a rise in voltage in the power line and over magnetization of the generator. Again no one reading this need be concerned
7/ The power utility co. is happy to get leading power factor because it offsets the lagging pf of most loads, but in principle at least it can be carried too far.
8/ Mention was made above of a motor just spinning, not connected to a load. This is a "sychronous condenser" and is an overexcited synchronous generator which runs at a leading pf. It is a common strategy used by power utilities to offset low pf lagging loads.
9/ To answer an earlier question, if the a full wave rectifier is used on the input to an inverter package feeding into a capacitor I would expect the power factor seen by the power system to be fairly high. Perhaps someone it a pf meter could measure this to see how far off I am.
10/ For those wanting 3 phase power an MG set is another option to the inverter. This would use a single phase motor spinning a 3 phase generator. To make it practical you would need some source of second hand, inexpensive machines.
Ken