Is 48 volt phantom power safe?

Is 48 volt phantom power safe?
CAUTION/DISCLAIMER: In answering this question, I make a basic assessment about the safety of Phantom Power. This is a basic assessment, and I take no responsibility, and this website won't, either, for actions taken following this assessment. DO NOT SHOCK YOURSELF DELIBERATLY UNDER ANY CIRCUMSTANCES. ELECTRIC SHOCK CAN KILL. If you wish to attempt something which could potentially result in shock using phantom power, TAKE ADVICE FROM GOVERNMENT INSTITUTIONS THERE FOR THIS PURPOSE (risk assessment), such as the HSE in Britain (www.hse.gov.UK).
Phantom Power is a 48 volt DC electric supply provided down the two signal cores of an audio balanced cable, usually 1-2mA, but recently up to 10. It is used mainly by the audio industry to power microphones from a sound desk using the signal cable, eliminating the need for a separate supply.
There are two possible definitions of "safe" in the context of this question. The first is risk of electric shock. Arizona State University teaches that 5mA or less is 'safe'. According to this definition, Phantom Power is safe. This is also borne out by many professionals using this technology on a daily basis, and who sometimes get shocked. It is very doubtful it would affect the heart, and probably wouldn't cause burns, either. However, as I have explained above, take normal electrical precautions (disconnect before working on/don't touch two wires) when using such equipment. Remember that Phantom Power uses earth as it's neutral, and thus it is easier to be shocked than most equipment.
The other side to this is whether it is safe to use Phantom Power on equipment not designed to receive it. This issue arises when Phantom Power has to be applied to all channels on an audio mixing console. This is known as Global Phantom Power. In most cases, microphones which don't use Phantom Power aren't affected: Global Phantom Power is a feature on many desks, and something microphone manufacturers take into account. Sometimes, the power supplied by the desk may not be adequate for modern microphones (you may end up with a 1-2mA supply for a 10mA microphone).
However, one note of caution. If you have equipment which can be powered by Phantom Power or by battery, it is advisable to remove the battery when connecting to Phantom Power.