I apologize for the snarky comments, but I consider electrical work serious business. Some may think the NEC is too restrictive for reasons unknown to them, but it's generally more lenient than those in Europe.
The claim that "nothing would happen" is only true with regard to when the equipment, wiring, and wiring devices are 100% in working order. In non-working order, who knows. I wish Lee Patzius were here to comment, as he seems to be the expert on situations that can possibly arise that you'd never even dream of.
Additionally, if the OP followed Scott's advice WRT non common trip circuit breakers, and connected the equipment in a delta configuration (phase to phase), when one phase would trip, the (apparently) de-energized conductor would actually remain energized as the equipment connected to it would still have one energized phase connected to their respective input wiring. Imagine touching the neutral side of device while your the only path to ground and the phase conductor is still connected to it's input.
While nothing bad would happen to his equipment, the potential exists for someone else not "in-the-know" to receive an unexpected dose of current. Maybe more dangerous is the case of an actual fault and not just an over-current situation.
I've refrained from name calling, and I've only spoke up in the interests of the unknowings' safety. In the event of an electrical shock (and/or fire), while admittedly snarky, the defibrillator and extinguisher might lessen the court damages due to good faith.
I'll leave it at that, and sorry to everyone for taking the discussion off topic (I guess?).