(sorry for the threadjack)
groth, my remark was more an off the cuff reaction to Bills' comment - and applying more to the general case of manual speed control. Sure, if you're using some form of PID and want accurate temperature control, then PWM is convenient + efficient and will also get you less non linear distortion.
Backing up my initial statement that PWM is a bad solution if you are a noise freak, I would add that if you need to run your fans at 20% then maybe swapping them out for lower speed versions would buy more dB

Otherwise just filtering the PWM output with a cap would work, I guess.