What you said earlier about there being "just as much" current traveling through the common as in the "hot" is false,...
No, it's not. Without a common there wouldn't be any path for current. The common carries exactly the same amount of current that the hot wire does, back and forth, A/C. I've worked with 120, 240, and 440 VAC, single and three phase. I've wired everything from transformers with 440 in them down to household wiring.
Now here's where I don't think we're on the same page. You are right there is a hot and a common. There is also a ground wire in all new wiring. That's code. If you were to pull a receptacle out while say a lamp was plugged into it while the lamp was turned on, there would be just as much voltage present on the hot as there would be on the common, to ground. If you shut the lamp off, you'd only see voltage on the hot, to ground, or the common. From the common to ground there would be nothing. The lamp is shut off, there's no path for current. But yes, I am correct in that the common has every bit as much voltage going through it as the hot, when current is present across a load. There is no possible way it can't. This is where I believe you lost me.