In getting back to your comment about "It'll work if it's ok that the devices share a common ground" has me somewhat confused. I would assume for all inents and purposes that ground is ground. Please keep in mind that my electronic theory is lacking and that any help is certainly welcome.
If you have isolated circuits each has its own "ground" which is simply a chosen place in the circuit which is referred it as 0 volts.
For instance, take two battery powered flashlights. Each has a "ground" but there is no defined relationship between them. The voltage between the negative terminal of one flashlight and the negative terminal of the other can change in time. You can fix their relative voltages by connecting, say, the negative terminal of one flashlight to the positive terminal of the other one and then they won't be isolated from each other.
Sometimes you want isolated circuits. Suppose you have a circuit which monitors the mains power used by a device and reports it back to a computer. You want your computer to be isolated from this circuit to reduce the chance of it getting zapped by mains power. An opto-isolated USB cable can give you that isolation.
Lab power supplies which have multiple outputs usually provide isolated outputs. That makes them a lot more useful because you can then configure them in series or in parallel or just use them as independent supplies.