The worst possible scenario is when a mic lead is connected to a mic while phantom power is on. The cable is effectively a capacitor, and the sudden discharge of the cable and coupling caps can create a high current through the zeners, which must be capable of withstanding the surge without failure.
Now, these zeners (as most zeners tend to be) have a rather large tolerence and can allow quite a jump in current. The end product is that you stress your mic everytime you plug it in, or pull it out just a little. Like ESD discharge, the unit does not fail the 1st, 2nd, or who knows? But, sooner or later you could be the owner of a useless mic costing $100-2000.