Effectively in this situation both neutral and live are "live" 
Perhaps I should also point out that in our office genset (the one with no earth connected to the generator circuit) we get a earth to live and earth to neutral reading of approximately 110V each when we don't bridge the earth and neutral.
I feel like I'm rehashing some of this stuff, though. Wasn't there another thread on generators where this floating neutral came up before?
Anyway, two parting thoughts:
If you've got no continuity between earth and neutral you can't have a V-O-V genset.
And
Just how much safer is 110v than 220v AC anyway?

Perhaps I should also point out that in our office genset (the one with no earth connected to the generator circuit) we get a earth to live and earth to neutral reading of approximately 110V each when we don't bridge the earth and neutral.
I feel like I'm rehashing some of this stuff, though. Wasn't there another thread on generators where this floating neutral came up before?
Anyway, two parting thoughts:
If you've got no continuity between earth and neutral you can't have a V-O-V genset.
And
Just how much safer is 110v than 220v AC anyway?
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