Hmm, heatsink is at +HVDC, too. They're using it as a jumper wire...
Not sure why they heatshrink caps some times. Insulation I guess would figure. Maybe something about temperature too? The extra thermal insulation will raise its temperature some, which will tend to reduce its value (they're more than likely using a type II ceramic there).
The band around the power transformer is for shielding. Note it's not around the windings (which would short everything out!), but around the windings plus core, which acts to force a balance in flux between the sum of both core legs and the center leg (around which the windings go). Without this, some flux will naturally leak away, causing radiation; the ground lead also helps keep electric as well as magnetic flux under control.
Topology appears to be... blocking oscillator, self excited, BJT switch! Flyback mode. The transformer construction apparently sucks (probably no interleaving), hence the large resistor to burn away the energy stored in leakage inductance (an RCD clamp snubber, without which, the transistor would be destroyed).
Tim