Just for you Chris, I took the bottom off my PU-1D and took a couple of pictures of what I found inside. ;-)
I think (because it's wrapped up in tape) there is a big electrolytic cap in there as well.
I'm not sure the pictures help but as you can see it's not just a couple of components but I'm not sure I'd go as far as to call it elegant (especially the soldering as I was probably supposed to be 'working' when I did it). ;-)
Cheers, T i m