(re hot swapping the battery) Someone did tell me that here, but I didn't know it beforehand, and haven't tested it yet. One moment, please ...
... OK, I would have to say that it doesn't appear to be true. I just plugged a pair of Schoeps PHS 48 phantom powering testers (which draw about 4.5 mA apiece) into a Denecke PS-2 and put a 9-volt battery into place. The green LEDs in both testers came on, indicating sufficient voltage and current. I then took the battery out while leaving the testers plugged in. Their LEDs went out immediately.
A Neumann tester which I tried instead, that draws only about 1 mA if I recall correctly, stayed lit only for about one second after the battery was removed.
The only supply that I know of that is actually advertised to do this trick is the Core Sound "2Phant." However, it uses two 9-Volt batteries at a time, and is hardly the smallest phantom power supply available.
--best regards