ppl, I disagree. Both listening test and oscilloscope test showed significant superiority of cheap regulator to no regulator. Also, Kevin's solution didn't really work for me (I tried LM6171 not the super power buffer though). Second, today's "78xx" are a cut or two above those used two decades ago. Just look at the datasheets, some of the replacements are order of magnitude better. Yes, some older stuff - and still manufactered dirt cheap - does have close to 1mV of noise which is totally unacceptabe and really gross, but some others have only about 40uV to 100kHz which is nothing to snear at. If you use 2 7.2V NiMh and a 12V regulator you shouldn't have a problem with out of regulation when the battery is low (besides NiMh has a rather sharp voltage drop unlike alkalines), and then there are low dropout models as well. And the size is very small. Using current sources on voltage amplification stage is a very proper thing though and should certainly be used if space allows, I don't doubt that. But don't discard regulator that easily (price difference between cheap and bad ones and much better ones is 5 times).