What is important is: phantom powering is a compatible system. Your dynamic/ribbon microphones as well as your condenser microphones work side-by-side, from the same microphone inputs, without further thought on your part.

Technically speaking, phantom powering refers to a system where the audio signal is applied to the balanced line in differential-mode < ACROSS pins 2 and 3>, and the DC power is applied common-mode <From pin 2 AND pin 3 to pin 1>. The audio travels via pins 2 and 3 differentially (across the pins), and the power travels across pins 2 and 3 simultaneously and pin 1.

Lately, the term phantom power has been perverted to refer to any remote powering system. In any sense of the DIN standard, this is not true. Furthermore, microphones or transducers that claim to use this system are not compatible with the DIN standard and will almost certainly be damanged if connected into such a system. Fortunately, these systems nearly always use tip-ring-sleeve phone plugs or miniature XLR connectors and they are usually associated with instrument pickup applications or microphones for camcorders.

Some of the terms used to describe these "foreign" powering systems are: PIP, Electret Bias, Inline power, and (grrrr)Phantom Power. This is not only misleading, it's just plain wrong.

Regardless of what any marketing propaganda says, these units are NOT phantom powered and NOT compatible with the system defined in the DIN standard. Applying phantom power will damage these units.

Phantom powering is defined in DIN standard 45 596 or IEC standard 268-15A.

What works?

If you are fortunate enough to own any tube condenser microphones, such as the AKG C12, Neumann U47 or U67, these microphones may be connected in a phantom powered system and will operate without regard to the presence or absence of phantom power. They will always require their external power supply (which must be plugged in and turned on). Audio Technica and Microtech Gefell have developed tube condenser microphones that are phantom powered and do not require an external power supply. For further information, consult the Microtech Gefell  website

Older condenser microphones (Sony C22, C55, EV 1777, PL76, etc.) that were either made before the adoption of phantom power, had the phantom power feature omitted as a cost savings measure, or omitted it for product differentiation reasons (stupid, really stupid). These microphones will operate, but they will always require their own batteries. Consider them a battery-powered dynamic microphone.

The older EV microphones (EV 1777, PL76) can be converted to phantom powering. It's a simple conversion, but it does require some electronic work (you need to know how to build things with parts). Click Here  for the conversion instructions.

What doesn’t work?

1. Microphones with unbalanced outputs.
2. Microphones with grounded center-tapped outputs. Many old ribbon microphones were supplied connected this way. Have a technician lift the ground from the center tap. The microphone is now phantom-power compatible. Connecting a microphone with a grounded center-tap, when phantom power is present, could damage the microphone. Connecting the microphone first, and applying phantom power second is permissible and will not harm the microphone. We recommend the latter (connect first, then apply power) as a safety measure if you don’t know for sure that the microphone has a grounded center-tap.
3. High-impedance microphones.
4. Microphones that exhibit leakage between either pin 2 or pin 3 and pin 1. These microphones will sputter and crackle when phantom power is applied and will work fine when you turn off the phantom power. Get the microphone repaired or insert a 1:1 isolation transformer (like the Jensen JT-MB-C  ) between it and the input. This is a viable workaround for vintage microphones that can't be repaired.
5. Musical Instrument Stuff with Direct Outputs. Sometimes they work, sometimes they don't. It's a crapshoot at best.

The problem is that their balanced output is transformerless, and (worse) can’t tolerate the 48V power present. Usually, the output coupling capacitors are 25V parts, and most often connected so that their + terminal goes to the opamp that drives the output connector. When connected into a phantom powered system, the 48V reverse biases the capacitor and causes trouble. This trouble can be temporary and sometimes it can be permanent.

If you’re a musician and this scares you, it should. What can you do? Call the manufacturer and ask. Have a service tech who understands the problem check the schematic. A really bright service tech can study the circuitry without a schematic by looking at the unit and figuring out what the manufacturer did circuit-wise. If you're not sure, use a direct box.

I have seen at least one brand of amplifier (G-K) with outputs that are supposedly phantom power proof that aren’t (meaning that the presence of phantom power didn't harm the amplifier, but it did cause noise that was intolerable). In this case, I spoke to their chief engineer, and we both agreed that what he was doing should work, but in practice it doesn’t. If you are connecting to a G-K/Gallien-Kruger amplifier, you should use a direct box.

Electronic keyboards are also suspect. I’ve had other musicians tell horror stories of blown instruments caused by assuming that the balanced outputs on the instrument were phantom power proof. When in doubt (and that’s my usual state), use a direct box.

A Simple Modification

I’m assuming that the circuitry of the balanced output is driven by a pair of opamps, with their outputs arranged to be out-of-phase with each other. It doesn’t matter if the output is cross-coupled or not.

Find the output coupling capacitors. They need to be at least 25V units, polarized so that the plus side connects to the XLR connector. Reverse the connections to the capacitors if necessary. If you have to desolder them, I'd replace them with 63V parts, correctly polarized, of course.

There should be a resistor on the XLR side of the coupling capacitor going to ground. There should be one for pin 2 and one for pin 3. If not, add them. The value needs to be 10k or lower (equal value).

The resistors put enough of a load on the phantom power coming from the mic preamp to reduce the phantom voltage to something that the capacitor can withstand.

What about T-Powering?

Do/Don’t Chart