I used my C64 (and VIC-20) for years "living dangerously". Meaning, using my working C64 PSU in both machines. NEVER had a problem. Still works today.
Don't get me wrong, I read the horror stories of them frying machines. Still, I thought, "mine works great...why bother?".
THEN I watched an episode of 8-bit Guy where he literally fried his C64 while filming. I then realized that I've been a fool. It *WILL* happen eventually. So why risk it?
I then unplugged my C64 and swore it would never see power again until I had a reliable source with over-voltage protection. So I ordered (and built) a Sav64 and now I'm a happy camper.
I've been talking to the guy that designed the "NuBrick" PSU too. I suggest looking him up. He has a modern PSU replacement (similar to the Ray Carlson version) using new parts.
His name is Kevin Ottum. Not sure if he wants me to give his email out. But he can be found over at Lemon64 with this tread:
http://www.lemon64.com/forum/viewtopic.php?t=67717
Cat; the other white meat.