
Most commercial switchers do NOT use magnetics for their energy storage;
that's handled by the big caps on the primary side, those which in a 
linearly-regulated power supply would be considered the "filter" caps,
coming right after the bridge.  The transformer is just that - a 
transformer.  It's there primarily to step the voltage up or down.  (Although
the inductance seen by the switch transistor on the primary side is NOT
negligible, as anyone who's zapped said transistor from either failing to
get one with a high enough breakdown voltage or neglecting to include a
"snubber" diode across it would tell you.  Actually, many transistors intended
for switcher use today have the diode built in.)

The basic switched-mode power supply operates something like this (in
a somewhat simplified manner):  The AC line is rectified to produce a
high voltage, more-or-less unregulated DC rail.  The energy storage (or
"filter") caps appear across this rail, as does the switching transistor.
The transistor chops the current into the primary side of the transformer,
resulting in stepped-up or stepped-down pulses out the secondary, which 
are then rectified and filtered.  At least one of the transformer's outputs
is sampled and fed back to the control circuit for the switching transistor,
which acts in a "pulse-width modulation" (PWM) fashion to control (by varying
the pulse width) the amount of energy being dumped into the primary, and
therefore the voltage coming out at the secondary.  The remaining outputs
may be allowed to simply run at whatever value they will, more-or-less
tracking the regulated output, or they may have some additional linear
regulation added.  You may also note that the feedback between the 
regulated output and the PWM control (which is most typically an IC)
is not done via a direct electrical connection; this is due to various
safety standards which require primary and secondary circuits to be
electrically isolated.  Often, the feedback path involves an optoisolator
to meet this requirement.

While the transformer isn't the primary energy-storage device in these
designs, this does not mean that the energy stored in the transformer can
be ignored; besides the inductive "kick" giving the switch transistor a
bad time (as noted above), you also need to worry about getting all the
energy that went *in* to the transformer back *out* again, one way or another.
In some designs, this happens more or less automatically - but in others,
you need to take special care to ensure that the transformer core doesn't
saturate, which again would have disastrous results (best left to the 
imagination! :-)).

I'm NOT by any stretch of the imagination a power-supply designer; 
hopefully, a real one will come along soon and clean up any gross errors
in the above.
