My Studio Max's fan noise was much louder than I anticipated, since some claimed theirs was "completely silent". I'm convinced those people have offices with a high noise floor, my room is very quiet. The "whoosh" fan noise also includes a slight buzz or whine, so it's not as pleasant as some of Apple's other fans. I was tempted to return mine and get a fan-less MacBook Air instead.
But, since I don't require access to the ports very often, I placed mine on a shelf under my desk, and covered it with an old honeycomb shade, which reduces the sound to where I can barely hear it, about the level of a light wind outside my office window, or a very quiet HVAC. Not as convenient, and it also cost me, as I had to get a longer $$ Thunderbolt cable for the Studio Display.
Maybe Apple will correct the problem with a software update. The air is coming out cool no matter what I do, so I'm hoping it's not really necessary to run them that fast.