Metro04, you are correct in your basic evaluation of the situation, but yes, you are missing something, and that's the damn power company!
As the article Jea48 mentioned above illustrates, the power company uses (literally) the ground for its return leg to the generator. Which means in normal 120V house systems, the neutral blade is not always at zero potential relative to ground (in fact I've never found it to be so.)
So it's not the component's fault exactly, but depending how a components (power supply) circuits happen to be oriented to this "ground leak" current will mean slightly more or less noise (usually 60 cycle hum) in your system.
Balanced power units simply eliminate this problem altogether.
As the article Jea48 mentioned above illustrates, the power company uses (literally) the ground for its return leg to the generator. Which means in normal 120V house systems, the neutral blade is not always at zero potential relative to ground (in fact I've never found it to be so.)
So it's not the component's fault exactly, but depending how a components (power supply) circuits happen to be oriented to this "ground leak" current will mean slightly more or less noise (usually 60 cycle hum) in your system.
Balanced power units simply eliminate this problem altogether.