With the new codes that were changed between the 2005 and 2008 codes, this has gotten lots of people in trouble. Especially if your municipality has in fact adopted the 2008 Code. As of 2005 code, you could have just run the 3 wires (2 hots and a neutral) to a subpanel (in a DETACHED STRUCTURE), so long as it's not bonded in any form or fashion (metal conduit, telephone line, etc) to the main panel. Then you would treat the new panel as a completely new service, with a grounding electrode driven at the new location.. Well that's all changed now !!
I'll touch on the important points between '05 code and '08 code:
#2 aluminum used to be allowed for 100A subpanels under an interpreted wording of a code article. They have now explicitly changed the wording so that #2 aluminum is good for 90A to a subpanel.
Three-wire feeds (no ground) used to be allowed to an outbuilding provided that no other metal pathways like a water line or phone line were present. Now, four-wire feeds are mandatory, no exceptions.
The ground rods are required in either case, and they should be connected to the subpanel ground bar with #6 copper wire.
If you don't have to worry about inspections, code compliance, etc: When a three-wire feed is used, the neutral and ground bar must be bonded; when a four-wire feed is used, the neutral and ground bars must not be bonded. In this instance, you are treating the subpanel as just another circuit..
The purpose of the neutral is to carry unbalanced load.. That's why you can run a 240v compressor with no neutral.. Just two hots and a ground. But when you add 120v load to the equation, you are sure to have unbalanced load, therefore you must have a neutral to carry that unbalanced load back to the main panel and then to ground.
What we have to remember is that the code is written as an idiot-proof set of instructions.. I could tell you shortcuts all day long that are perfectly safe... Just not legal. LOL