Sorry bout the big words, I'll talk slower. 😉
Basically, they take the voicemail and turn it into an MP3. Instead of using some good compression like 192k, 160k, or even 128k (what most MP3s are compressed at), it sounds like it's using a 32k compression, which is basically less than radio quality. They do this so that it can be downloaded onto the iPhone as quickly as possible, plus, since it's spoken word (most of the time), the quality really doesn't matter.
The more compression that is used, the worse the quality is of the output, and that's why you might hear some weird stuff. I personally don't hear a buzz, but you might want to go to an Apple Store and compare your phone to one they have there.