Phase Perfect generates the third leg and passes through the the two single phase lines. It also filters the generated leg so it is very close to a sine wave, and it is not effected by the load. It is not a variable speed VFD, it is designed to provide fixed 60Hz 3 phase power from single phase. There have been issues with reflected electrical noise into the input line, I believe this is an issue with the older models. It has a very high efficiency (98.7) vs. say and RPC, so can be left on continuously, and newer models appear to have less physical noise than the older models. Downside is cost, but if you have multiple larger 3 phase machines then the investment may be worth it. They are rated to their specified output Hp/amps and are the output (all legs) are compatible with electrical control systems, multiple motors, etc.
www.phaseperfect.com
If you wanted variable speed, you could add a VFD, it would need to be oversized for single phase use, and you are pretty much looking at a complete new control system. I have done those for different individuals, but a lot of factors to consider and not a simple process. When all is said and done you are probably getting close to the cost of a Phase Perfect. You also need to figure in the ancillary costs and power source for any of the choices, as well as electrical code requirements. It has also come up that there can be issues with power companies if you are pulling large current draws that can pull down the line voltage of surrounding neighbors.