The effectiveness of reconstructive imaging using the homogeneous transport of intensity equation may be regarded as “unreasonable,” because it has been shown to significantly increase signal-to-noise ratio while preserving spatial resolution, compared to equivalent conventional absorption-based imaging techniques at the same photon fluence. We reconcile this surprising behavior by analyzing the propagation of noise in typical in-line holography experiments. This analysis indicates that novel imaging techniques may be designed that produce high signal-to-noise images at low radiation doses without sacrificing spatial resolution.