The 1.5 HP motor is built to draw a specific amperage at full load at 240V. Because power equals voltage times current, a lower than rated voltage will draw more amps through the motor. So if your supply is 208, your voltagecurrent will increase by a ratio of 240/208, or about 15%. Low voltage/high amps is a common failure mode for hand power tools being used with undersized extension cords.
If the motor is under a light load, you will likely never notice. But if it is running at full load, you might find it overheating, tripping overloads, or just generally failing early.