Sixteen minutes after I started this thread, KOT called it:
On March 17, 2016 at 18:59, Ernie Gilman said...
A friend is on site in Mexico working on an A/V system. The power is split phase.
On March 17, 2016 at 19:15, King of typos said...
There's your problem right there. ^
Details, just as a reminder:
He measures 228.7 volts from phase to phase. But he also measures 129v on one phase and 128V on the other phase (presumably to neutral!).
When my friend got the electrician on site and showed him the measurements, he said "that's how it is in Mexico."
My friend is troubleshooting and improving that system for another installer, who didn't think to measure the supposed 120V power and was unaware that he was slowly cooking components from the inside. They're going to switch the entire system to balanced power anyway (transformers made by Torus). The transformers for that are custom and will be built to output 120V.
Thanks for all your suggestions. Who woulda thought the stupidest answer would be the fact of the situation?