DV Info Net - Phantom power in an audio recorder

I have a question about phantom power: I am looking into buying an audio recorder--either the Zoom H2 or the M-Audio Microtrack II. I am leaning towards the M-Audio because of the Phantom Power and the CF cards (I have a lot of them and hate to get another format). Bu t my question is with phantom power--will it help boost the level on any mic, or only those that specify "phantom power"? In other words, if I plug a handheld interview mic in and it does not require power but the levels are low, will turning on the phantom power give me a pre-amp boost in levels? Also, will the phantom power work through an adapter, since the audio in on the unit 1/4" and the mics could be XLR.

Thanks!