From Glasswolf's pages:
Regulated Power Supplies
Most early audio amplifiers contained unregulated power supplies. Regulated supplies require very high quality filter capacitors (called "low ESR" capacitors), output chokes, and an optically isolated voltage feedback circuit. Regulation occurs by controlling the switching pulse width from 0 - 100% to compensate for changes in the battery and rail voltage. The same action occurs when the audio level increases. As the amplifier draws more power from the supply, the rail voltage drops. Again, the regulator circuitry senses this drop and responds with an increased pulse width.
The high frequency PWM waveform is rectified (converted to DC) and applied to the output filter choke and capacitors. This output of this circuit is the + and - DC rails that feed the power amplifier.
Unregulated Power Supplies
Unregulated power supplies are less expensive than regulated supplies. They do not require an output choke, voltage sense or isolation circuitry. Because the duty cycle is nearly 100%, capacitor ripple current is much lower in unregulated supplies. Lower ripple current requires less expensive capacitors throughout.
Often we hear that unregulated designs have more "headroom". That means that the amplifier will produce extra power during transients. Most home audio amplifiers employ unregulated power supplies. The power supplies in these amplifiers run at 60 Hz, thus the filter capacitors must be 200-500 times larger than those used in high frequency switchers. The extra capacitance in home audio amplifiers results in extra headroom. Headroom for anything other than very short transients simply doesn't exist in the unregulated designs. The following is an example of specifications for an unregulated vs. regulated amplifiers.
Unregulated designs have a higher supply voltage at low power, causing higher voltage on the output transistors. This reduces the amplifier's efficiency.
Small amplifiers (less than 100 watts) cannot justify the extra cost of the regulation circuitry, so we often see unregulated supplies in these amplifiers.
Pros and Cons of Regulated / Unregulated Supplies
Some designers try to keep their supplies regulated down to battery voltages as low as 9.5 volts. The supply compensates by increasing the current. The current increases dramatically at the lower voltages. Because of higher currents at the lower voltages, the supply efficiency drops further, requiring even more current.
At higher voltages, the pulse width reduces, causing increased ripple current. This high current creates heat in the filter capacitors and can destroy the capacitor's electrolyte. Some manufacturers do not use capacitors of sufficient quality for this range of regulation. These amplifiers may not perform up to specification just one year after installation. Also, the extra current at low voltages is extra hard on a battery that is already suffering! So, I recommend that amplifiers stay in regulation down to about 11 - 11.5 volts. Any properly working charging system can easily keep the battery voltage well above this.