chromakey :
@nukemaster - thanks so much for your reply; so using your worked example above, a 200W graphics card on the 12V may draw up to (200/12) 17A? But what is this 12V/200W draw at the socket of the PSU? Most domestic ring mains for sockets are say 15A total, so if it was 1/1 the ring would blow straight away? Is the PSU "staging" the huge current draw in reservoir caps to protect the ring?
You need to think of wattage alone then covert to amps.
So a 200 watt video card will draw 16.66666forever amps from the power supply.
The power supply it self is not operating off of 12 volts, it is operating off of 120 or 240 volts. 200 watts is not much of a load at those voltages. Now power supplies do waste some power(very little compared to other things like lets say a high powered amplifier or linear power supply)
So if you want 200 watts at 12 volts from a 120 volt power source you draw 200watts + whatever the power supply requires to do the conversion. For simplicity I am going to say the power supply wastes 20%(this is not a great power supply, but a nice easy number at 20 watts for every 100 it puts out). So with this number we get 240 watts of power(the power supply is wasting 40 watts in the form of heat, you can not get 100% efficiency, but we can get better than 90% with switching power supplies). So now lets take the 240 watts and make it amps with ohms law again. 240 / 120 = 2 amps well within your 15 amps limit.
You can even buy a power meter that will show you how much power your computer uses at the wall.
Now onto the capacitors(and some uses). Capacitors act like a battery they charge when power is applied and discharge when it is removed(giving what ever is powered by them a shot time of power even if the power is no longer there).
AC(Alternating current) power is a sine wave(https://en.wikipedia.org/wiki/Sine_wave). While we say 120 volts we actually have 120rms(root mean square or average). This 120 volts actually peaks somewhere around 170 volts then passes into the negative past -120 then -170 then back past -120 past 0 +120 + 170 +120 0 and so on. This happens fast enough(relatively speaking) 50/60 times a second. Now our computer runs on DC(direct current). This DC has a + that is ALWAYS positive. other devices like diodes(you can even have FET based AC to DC conversion that are more efficient, but this is getting out of hand) are used to prevent the negative part of the cycle(or will full wave flip the negative positive), but you are still left with the top half of a sine wave from 0 - 120 to 170 to 120 to 0 and may have a pause if you are not doing full wave. Enter the capacitors. They charge upto to 170 volts when the power reaches its peak voltage and slowly discharge when the voltage drops. This removes a great deal of the wave in the power. It does not take it all off and takes stupidly huge caps to fully remove it, but this is MORE than enough for the regulation in the power supply to deal with it.
Now power supplies clearly have WAY more capacitors than just some on the incoming higher voltage. In a simple form switching power supplies switch full voltage on and off very fast to keep an average voltage that is regulated(does not move much even under huge load changes). The switching still has times that the power supply is not sending power out at all. Capacitors and Inductors (coils. They kind of work like a capacitor that resists changes in current instead of voltage) are used to filter this power into very clean DC with very little voltage variation(ripple).
They also have caps for other parts and chips(bypass and other caps). I will not even pretend to fully understand all of those extra chips. I know what some do, while I have no clue about others.
All these parts are sized(selected for the desired result) by an engineer who knows WAY more about this stuff than I ever will.
One more interesting use of capacitors is to block DC. When a cap is used on + and - terminals of a power source(DC) it will charge and help clean up voltage changes, but when it is inline with DC it will actually block it. This is used to allow AC to ride a DC signal in some audio amplifiers and other devices that have to remove a DC component of an AC signal. The have to be selected properly or else they will actually filter part of the AC out(they add some distortion so higher end audio gear will avoid as many signal path caps as they can), but again this is just a forum post.
You may be interested in this as well since it covers the AC to DC process(a very basic one compared to the high performance high efficiency one happening in a computer power supply). You can skip the 3 phase part if you want. it just adds more fun. Down lower you will see a section on Rectifier output smoothing to see what capacitor does in AC to DC conversion.
https://en.wikipedia.org/wiki/Rectifier