I can easily see how a bad capacitor could cause the issue. It could also be the cause of the freezes and reboots I was experiencing.
Yes, I know that as you get older your hearing goes. My hearing is good enough that I can tell that a CRT TV is turned on, even though it's on mute.
What I'm getting at, is that if this new router doesn't have any issues, then perhaps there is a rash of bad capacitors out there that most people wouldn't be able to diagnose. Not to say that all bad capacitors make noise though (I've seen too many Dell motherboards with bad capacitors).
Time will tell.