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And just imagine when the weary, jet-lagged traveler arrives in Europe, accidentally connects the transformer the wrong way round, and then plugs his 120V appliance into 460 volts!

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It has big warnings in the instructions to check that the input voltage is correct but I suppose that theoretically this box is quite capable of offering 480V

That won't happen. The transformer's core will saturate long before it can create 480v on what was to be the 240V winding. What will happen is that the transformer will draw way too much current from the power company and burn up or hopefully trip the branch circuit circuit breaker, when 240V is fed into the 120V winding. Which is still a very good reason to pay attention to what you're doing.