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Please tell me what's going on in this circuit!
Yep, but LM723 has current sensing and limiting; this is a big advantage for real-life applications. The inverting and non-inverting inputs can make this IC useful for SMPS.723 is older linear regulator. i suggest looking up LM317T. you will make same thing with fewer components.
Your circuit is an elementary linear power supply with Q1 as a buffer of current.Please tell me what's going on in this circuit!