I am currently running my first phase of a low noise computer attempt.
I originally opted for the Panaflow 120mm M1A's, and they were far too noisy (and I had two of them in my system, one blowing on the Danger Den Cooling cube, the other shrouded and pulling air through the radiator).
So I decided to go with a single Panaflow 120mm L1A pulling air through the radiator, and the air is now ducted through a gutted CDRom drive, so the radiator doesn't get warm case air fed to it.(
http://forums.procooling.com/vbb/sho...&threadid=5188 )
But I CAN hear the fan at 12V, it is the loudest component in my system. And I can hear it plainly anywhere in my room.
If you plan on going this route, make sure to get a fan speed contoller, or make one yourself, as the noise from these fans is greatly diminished at 7V.
On a side note, by far the quietest, easiest to aquire fan I have found at 12V is the Panaflow 80mm L1A, though at 7V the fan can start to make a "clicking" noise, but at slightly higher voltages this noise goes away.