My guess is that they probably can't afford the cost to upgrade. induction and LED fixtures aren't available for series circuits so they'd have to completely rewire everything. though a fellow lightign enthusiast has taken his lighting passion to work with him and created a device that goes from series to 120V so regular LEDs can be used with series circuits using these transformers.
Yeah, I believe only HPS and mercs had series ballasts made for them but yeah, if you use that device (it's probably a isolation transformer) that Mike mentioned. LEDs and low watt (regular 120v) HID ballasts would run on the series lines.
Actually, an upgrade is possible without having to redo the wiring, conduit and foundations. It would require utilizing the existing wood poles and installing 12 or 15 foot arms and overhead wiring. Then the old system can be completely pulled out. Potters Rd. in Buffalo had series incandescent post tops until the early 1980s when 150 watt HPS luminaires were mounted on 8 foot arms off of the existing wood poles. There is a stretch where new steel davits had to be installed, though.