I had already removed the guts from this house panel but thought I'd take a pic. The 1 1/4" EMT on the left carried the main unfused feeds from the meter. No main in the panel either, why would you bother with that?
I have seen a feeder to a panel run in emt till they couldn't fit in the crawl space and the 4/0 aluminum was then pulled thru without the conduit. It is amazing what you find out there