I came to the conclusion that it was probably a defective bearing on a cheap chinese fan assembly, since I am an Engineer in the Electronics Industry with over 30 Years Experience including 4 Manuacturers (2 Japanese) and 2 Defense Contractors on my resume.
I ended up calling Apple care and making an appointment with an Apple Store. They looked at it and concluded it was a software problem, (SURE) however offered to replace the fans later if the problem persisted. I was OK with this and planned on returning to have the fans replaced as soon as possible.
I received a call from Apple the next Day and the Representative I spoke with informed me they wanted to replace my machine with a new one. He made an appointment with the Apple Store, I walked in and waited about 25 minutes and left with a brand new (ABSOLUTELY SILENT) machine.
Try this when the machine is making noise. Tilt it vertically and if the noise subsides then it is the fan or fans. Period End of Story.
The fact Apple was proactive and offered to replace my machine in this case makes me much happier with Apple and their products. I turned around and purchased a few accessories including a Time Machine that day and I am goind to purchase a Mini to use as a server on my home network and rid my self of Microsoft PC's forever.