They use large heatsinks on the CPUs and memory so they don't need fast airflow for cooling, and they use large fans turning at low speeds to move the air. The case has lots of holes on the front and back, and little obstruction to the air flow inside, so the airflow doesn't make a lot of noise. I have mine on a desk in front of a window, and can see straight through the case to the window. There are many temperature sensors inside, so the fans can be run just fast enough to keep everything at a safe temperature.
Apple started paying a lot of attention to airflow, starting with the G5 models, after the last G4s got the nickname Wind Tunnel.