+T Graeme.
That is pretty similar to what I've got at: www.cs.uwaterloo.ca/~mannr/AT853
Comments:
- I generally put a nonpolarized 2.2uF/100V for C1. In case I plug into phantom power accidently. (I don't know what happens if I reverse polarize an electrolytic cap C1 with 48V. Do you know if it will survive?)
- I use a 22K resistor for R1, sometimes down to 10K if I want it to work with other caps (like AKG CK91/2/3).
- Adding and output resistor (R2) is a good idea. I didn't think of that in my design 
Keep posting circuits and gear guts folks!
Richard
If you reverse polarise an electrolytic by 48V then what happens will depend on how much current the power supply can provide and how big the capacitor is.
I was once testing a large DC converter in which someone had fitted a 470uF/63V cap backwards. Unfortunately, the supply feeding this thing could provide 50V at 60A (yes Amps, not milliAmps). The result on switching on the converter was a loud bang, a jet of flame shooting out through the fan and a pool of acid on the workbench

On a smaller scale, I've had lower value electrolytics explode with much less than 50V in the reverse direction. It's not too bad, but the smoke is unpleasant and it makes a bit of a mess inside the case.
For a phantom power supply, it probably can't provide much current so the results would probably be less drastic. It's still a very bad idea, however, and the cap would be unlikely to survive for more than a few seconds! I'd definately go for some sort of non-polarised capacitor if there's any risk of significant reverse voltage.
By the way (in case anyone is interested) varying the value of C1 is generally how the 'bass cut' battery box versions work. The values to use depend entirely on the input impedance of the pre-amp you are driving.