My setup: 2 microphones - a JTS NX-8 (dynamic), NX-8.8 (condenser) and a Yamaha StagePas 400 powered mixer to plug them in. Cheap and good mics by the way.
With the dynamic mic it works wonderfully. It sometimes, not always makes a tiny, very soft pop when switching on, but it's not a problem. It is also possible to unplug and re-plug the microphone, when the switch is off, no noise is heard. Phantom power doesn't make a difference in this case.
With the condenser mic and, obviously, phantom power, it's another story. Switching on and off generates pops, not horrible, but still very well heard. But NEVER connect or disconnect the mic without muting the mic channel first! Even when the switch was off and volume was at a reasonable level, I was worried about blowing my speakers with those pops. Gladly everything still works. Maybe it depends on the mixer too, but better safe than sorry.
Also the plug is quite long, about twice as long as normal XLR plugs. This isn't an issue for me, but may be for some applications.
Quality seems good - it's a Neutrik after all.