You are correct Dave, it is also worth pointing out that a decision to deploy a switching power supply vs a toroidal one, at least in the rarified high end domain we are dealing with, has precious little to do with skimping on parts costs. While some engineers prefer to mate switching power conversion modules with traditional toroidal power supplies, other designers prefer the sound of their creations when matching ICEpower modules with switching supplies, integrated or otherwise. There are many perfectly valid ways to skin this particular audiophilic cat, and it is completely pointless to launch yet a new round of the trite juvenile game of "my PS's bigger'n yourn!" G.