Wow, modems got TURBO JANKY for a while, didn't they... Supposedly this is just a PCTel reference design, with pretty much everything not absolutely needed stripped off.
In case you're wondering how these worked without an isolation transformer, the secret is in the "Silicon DAA" design. Everything on the phone line side of the modem is powered only by the DC voltage on the line. Serial data communication back to the PCI interface chip is passed via the seemingly random value 2KV rated ceramic disc capacitors.
In case you are wondering if this worked at all: yes, in most cases.
In case you are wondering if this was any good: lol NO
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