NO,NO,NO!!!!!!!!!!!!!!
 This can potentially leave a circuit floating, wich can be much more
 dangerous. Try to HI_POT test a device in this configuration, and you may
 very well let the "magic-smoke" out. If you are switching on the raw power
 side, the neutral should always remain connected. In fact this is code for
 many (most/all) CE/UL approval stamps! 
Certainly something could be designed so a hot and neutral break
("disconnect") is quite safe, but you are right, most applications are
safer just breaking the hot. Plus, breaking both really is just a waste of
money for a more complex switch.
William Donzelli
aw288(a)osfn.org