For other reader, this is from a recent Bruno Putzeys paper:
Dealing with legacy pin 1 problems
21/02/2013 - Bruno Putzeys
In a balanced connection, there is no such thing as an “audio ground”. There are just two wires.
The voltage between these two wires is the signal. The input is floating and does not require a connection
between the “audio grounds” of the source and the receiver. That’s the whole point of
balanced connections. You don’t want to rely on the two circuits being at the same potential because
that’s often unachievable.
The third connection, pin 1, is only used to connect the cable shield. If making this connection causes
hum, this indicates a misguided attempt to use pin 1 to connect the “audio grounds”. There is never
a reason to connect pin 1 to directly to your circuit.
http://www.hypex.nl/component/weblinks/weblink/23-application-notes/78-pin1.html?task=weblink.go