Um...it does. Like @ogodei says, wall wart does not matter. It is only a step down transformer to take 120V down to 24V. The conversion from AC to DC, smoothing, filtering, regulating, takes place inside the box. This is the same design as a lot of Schiit small form factor products as well as many others. And you are only partially correct on the noisy output. Noisy output is also determined by the input and output gain and amplification. Just like any amplifier, a power supply will have something to do with this, but either using and op amp or discrete stage, no matter how clean the input power, there will still be noise of some kind. One quick look at the specs and you can see Ketih not only provided SNR, but also how much above the 3rd harmonic. MM-3: S/N: >77dB A-wtd, <0.03% 3rd harmonic and higher. MM-5: S/N: >77dB A-wtd, <0.02% 3rd harmonic and higher. MM-6: S/N: >78dB A-wtd, <0.015% 3rd harmonic and higher Now I would still love for someone here who has measuring capabilities to check this MM-5 out.