The idea of the bench isolating transformer is that the hapless tech can safely (stupidly?) have one paw on an energised "live" part of a piece of equipment and the other paw (or some other extremity) at "earth" ... and still live to tell everyone how dumb he is!

I believe that, technically speaking (and we are, after all, technical folk), it is incorrect to talk about "Live" and "Neutral" in the context of isolating transformers. I should imagine that you'll also see
circa. 100 VAC on the other terminal, too, Paul (rather than the near as dammit zero that we hope you find at the Neutral of a normal, earth referenced mains outlet).
As you may imagine, I am not wholly in favour of isolating transformers being used to protect idiots working at benches, mainly because they introduce a non-standard electrical environment (one that the equipment itself will not encounter outside of the operating theatres). They can also lull the tech into an entirely false sense of security. Far better to engage brain before attacking the job at hand. If some kind of safety device is deemed necessary, I suggest the Residual Current Circuit Breaker (sometimes known as a residual-current device).
I have a plug-in RCD outlet adaptor (that I bought cheaply from Wickes) that I carry around for use when working in dodgy (or electrically uncertain) surroundings. It trips out on both poles in less than 30 ms when it detects a imbalance between input and return (due to a fault, or heavy leakage) of 30 mA. Perhaps one day I'll find one that I can adjust to a lower tripping current, but in the meantime the one I have works for me, and I'm not dead yet.
Lastly, isolation transformers sometimes also cause problems for the unwary. Does your electrical safety tester get passed the mains voltage check when plugged in to the iso Tx, for instance?
