My third 360 should arrive on Thursday. First one had a faulty fan, at least it sounded faulty, was like a plane taking off. Second one, which was picked up today, wouldn't play original xbox games (compatible ones) despite spending weeks attempting everything under the sun to get them to work.
My second one was nearly as noisy as the first. I hope to God the third one will be quieter. I can put up with a noisy DVD drive, but the whining fans were murder - the noise went right through you.