You are right.  The crystal oscillator (channel element) noise is multiplied up in the GE multiplier exciter.  But the same thing applies to a GE PLL exciter.  The phase noise of reference oscillator (channel element) is also multiplied up, it's just not done in the same fashion. 
 
Noise is a form of instability.  The best way to think of it is, instead of 100% of all of the energy being at exactly one frequency, it is not.  The oscillator is jittering slightly from center frequency, thus producing sideband noise.  The better the oscillator, the less the jitter (or instability) the less the noise will be.  This is why some oscillators have more "hiss" than others. 
 
As far as actually quantifying the phase noise of any oscillator or exciter, it done in terms of its spectral power density, which is the power contained in a 1-Hz bandwidth at any particular frequency.   
 
Additional noise contributors that unique to a PLL circuit, include VCO noise (which can be far worse than just the noise of a crystal oscillator multiplied up due to it's lower Q), divider noise, active loop filter noise, phase detector flicker noise, among others. 
 
Don't get me wrong, I'm not trying to argue a "multiplier" design is a better way to go.  I'm just trying to shed some light on how it works, what actually causes "hiss" and make the statement that just because one attempt at a particular approach did not yield very good results, doesn't mean that other approaches are automatically superior.  With today's improved PLL techniques and integrated devices, PLL is an excellent approach for new designs.
 
Chris Hudgins - N5IUF   
Unless these multipliers without "issues" have very high Q tuned circuits,
I don't see where the improvement in phase noise would come from.  Noise is
increased anytime a signal is multiplied by the factor 20*log(N), where N
is the multiplication factor.  So for the highband VHF exciter utilizing a
crystal oscillator (x 12), the noise will be 21.6 dB higher (referenced to
the carrier) than the noise of the crystal oscillator itself.  I'm not
ceratin of this but I don't think it's possible to reduce this noise
without resorting to
very high-Q multiplier circuits or interstage filtering.

Bob NO6B
 








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