It is quite loud mate, im not going to kid you, but its not that much louder than an Xbox 360 (when its at the dashboard), its certainly in no way annoying IMO. Its the PSU that chucks out most of the noise on my system.
Conclusion basically was Id recommend it, as long as you know how to use the BIOS as I had to play with the RAM voltages to get it 100% stable and you can change your system fan settings in the BIOS too.
Build quality is nice, and the aluminium finish on the front is very nice. Working inside the shuttle is interesting, only because as you can imagine its pretty tight, and youll need a reasonably long philips screwdriver to get the heatsink out for the CPU. First day I had it I spent ages just playing with the CD drive, as its mint watching the drive just appear out of the case.
One thing is will give it a massive compliment on is wiring, the cables are already placed for you, and they are neat as hell, all you need to do is plug the power plug in and off you go, no mucking around tidying wiring around the case.