The 2011 NEC has no 320.B.2.....
300.3(C)(1) has the seperation requirements. Its often misquoted to not require seperation if all conductors have insulation rated for the maximum circuit rating.
Read 90.3
Read 300.3(C)(1)
The read the IN, and its reference sections.
Seperation is required in the event of a short from the line voltage to the limited energy side. The limited energy equipment can't withstand the higher voltage and can fail, possibily causing a fire or shock.
NEC does not care about induction, IE if it doesn't work, thats not our concern, to understand this, see the purpose of the NEC in section 90.1