Psean wrote
Thanks guys. Look like I'll have to replace it with something else then.
It is a budget PSU and I wasn't expecting wonders from it but the thing that's puzzling me is that I'm using a unit that seems to be pretty much identical and it works perfectly for the few pedals I have - this one is so noisy it's unusable :-\
The hassle with these is that they're not built for low noise applications,so some of them might be quiet, but I'd be surprised if checking noise is part of the QC before they leave the factory. So you might get one that is dead quiet, through pure luck, and another that is really noisy, but they both function within the spec for a cheap power supply. Within reason, most digital equipment doesn't care how noisy it's power supply is, it's only once you start doing signal processing like analog audio and video that you notice these things.
Consider that the tolerance on some capacitors is twenty percent up or down from the alive written on the side and the variation between them becomes understandable