AFAIK, London used a forth rail because at the time, it was not known if you could use the running rails. Remember that it was one of the earlier large scale high current electrifications. I recall reading that there was also considerable concern about corrosion, etc.
I've heard a few more recent LRT systems have looked at 1.5kv due to expected higher running speeds and longer distances.
Hey, history repeats itself! Interurbans went up to 1.2kv, and even ran dual system (600/1.2k) equipment.
I think the record still stands at 2400 for third rail. It was not a success. Bart runs 1kv, but is mostly (all?) direct fixation track, which means the ballast/dirt won't creep as close. Oh yeah, and it doesn't snow in the bay area much.
ISTR that Switzerland, of all places, had 1.5kv third rail on a few narrow gauge lines, at one time.