Old Warp above is not quite correct, for a given load and given PWM, there will be an o/p voltage, even without an inductor, sure there are leading edge current spikes on the mosfets but the leakage inductance to the Tx takes care of the worst of it. there are literally thousands of psu's out there like this, a bit crappy but they work.
For e.g. for a 1k load and a PWM of 0.5% the o/p volts will be much lower than full available, volt reg is possible, ideally have balanced resistive loading.