I am going to get on my high horse once and then bow out of this discussion. There are so many things that can happen. What if the neutral opens up at the main service, You now have 240 volts on the conduit, panel shell etc. trying to find a path. If the conduit is as bad as you think this would probably result in death! Regardless of how unlikely that is, it is really possible. When the neutral and ground are bonded at least a ground rod is driven, but that is sometimes not enough, which is likely why the code was changed in the first place. I have not been here as long as you, but if you are looking for a place to validate substandard work, this is probably not the best place. Tell the customer to install a new conduit run or walk away from it. The greatest sin here would be someone trying to circumvent the code and getting someone else killed. That is a VERY REAL albeit unlikely result.