That is not a power supply, just a housing with switches. While this is Jens' improvement and he can comment on this, I am pretty sure there is nothing in there that can get warm or fail if all is soldered and connected correctly.
The irrigation controller itself has a power supply that gets warm, but nothing unusual.
Things that can fail in this setup -- the controller itself, and the relays. That said, for me it has been running for over a year without a hitch.
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