Just to elaborate a little further: phantom power works by applying 48V to both pin 2 (signal +) and pin 3 (signal -), through a pair of 5.6Kohm resistors. When you do a phase reverser cable, you swap pins 2 and 3 on one end. Pin 1 (shield/ground) isn't changed.
So both 2 and 3 are still pulled up to the same 48V, exactly as before. Your mic signal rides down the cable on top of the 48V phantom power just fine. You're simply changing which leg goes to the signal + and which leg goes to the signal - inputs on your mic preamp...
Bruce is pretty succinct, but sometimes a few more words can help a little more!