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Nope. That is the point. I has a wolfson dac like the touch. ;)
Still :confused: Which part of this extract from the link you posted is unclear?

Direct comparisons between the iPhone 3G and original iPhone showed that the new model has an almost completely clean noise floor, just like the iPod classic, rather than the comparatively noisier iPhone, which used a similar Wolfson Audio sound chip to the iPod nano, 5G, and touch products.
 
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