It makes me laugh that people get so annoyed at the noise. Do you play with your TV/Speakers on mute or something? Even when I have mine at a lowish level I still am so engrossed in the game I don't notice any noise from the console.
Why does it make you laugh? I turn music off in games so there is silent periods where you just heard sound fx and the noise of the machine is annoying. A lot of people watch media from it, I don;t know any films where there is no silent bits, and the noise of the console kills any immersion you have in the film etc.
A lot of people on this forum, I guess, live at home, so cranking up the speakers at night is not an option. (I even remember playing somsoen from here on Live, only to hear his mum tell him to turn the noise down at 2am in the morning

For the others its a case of, my "last gen console was not loud" so this is a new, possibly perceived unnecessary, annoyance for them.
I suspect the people who are less annoyed by the noise are the type who are into overclocking or leave their PCs on 24/7 so the noise is not bad compared to that. Compared to all previous and current consoles I have owned (and some top end PCs) it is loud. End of.
rp2000