The phantom power can be on either side of this switch because the phantom power is never interrupted. This switch shorts pins 2 and 3 together and the capacitors suppress the popping noise.
Link to diagram:
https://docs.google.com/file/d/0B8MJa...
Very simple and robust mute switch. Really useful for open mic venues where there is no sound man to kill the volume before swapping out a mic, guitar, etc. This eliminates "clap-boom" (or the loud pop and buzz) heard when you pull a mic or guitar out of the pedal board or line going to the sound board. This is basically a 1HZ low-pass filter. $42 of parts and $20 for drill bits (Total $62 out of pocket cost). This accepts Lo-Z, Hi-Z, mics and those with phantom power (48VDC). Since it has both XLR and 1/4" TRS jacks, you can connect XLR to TRS devices and visa versa. 1.5 to 2 hours to construct. The switch by the LED is to turn off the battery for the LED. This circuit does not color the tone of the instrument like some op-amp circuits or those with buffer circuits. There is no signal loss either.
See the modification for ABY Switch operation on my "ABY SWITCH" Video
See Testing Mute Switch with Condenser Microphones for how this sounds with condenser mics. I demonstrated dynamic mics in this video. It is just as impressive with condenser mics: Audio Technica, Oktave MK 219 and Shure 87A
I posted a "Mute Switch Construction" video to help with putting one of these together. You can see what is inside.