["Eric Smith" <eric(a)brouhaha.com>]
Sure, but the third pin isn't necessarily floating
with regard to the
other two.
It is if you leave it unconnected.
For instance, if the third pin is a center tap on the
secondary, leaving it open may cause problems. Possibly including
damage to the device, since unbalanced loads between the ends and the
center tap will drag it around.
If the centre-tap is left open, there will be no loads, balanced or
not, between it and anywhere; it then becomes equivalent to an
otherwise similar transformer with no centre-tap at all.
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