Last to come out of the box: a great big chunky heat sink with a cute little power supply board tucked away inside.
The redesigned power supply is rated at 12V at 0.917A. Compare that to the 3rd-gen Apple TV's main reactor, which pumped out 3.4V at 1.75A.
We noticed a distinct lack of cables connecting the power supply to the logic board. We're theorizing the power is either transmitted by magic, or through the heat sink screw posts.