I just unboxed an 27" iMac 4,2 GHz i7, 16GB RAM, 1TB SSD, Radeon Pro 580 and now have the chance to compare the noise levels side by side with my 3,4 GHz i5, 8GB, 1TB SSD, Radeon Pro 570.
Both machines sound the same when idling. The fan doesn't whistle or crackle, but you can definitely hear it moving air.
It's not unpleasant, but definitely audible (the spectrum might be more like white noise instead of a resonant sound floor).
In my opinion, none of these machines seem to be an exception or a mechanically flawed iMac. I have a quiet home office and am doing these comparisons with the window shut.
My conclusion is, that people just seem to have very different hearings or sensitivities to perceiving noise. I am an audio engineer myself and am coming from 2016 MacBook 12" (fanless) and a water cooled, also fanless Hackintosh, so my expectations were very high ... as was the paid price for these machines.
I am going to return them both, get my money back and wait a year or so to see what the modular Mac Pro will be like.
With the Mac Pro 2013, I could at least hide it somewhere behind the table and just get longer cables to not hear the (also very quiet) noise floor, but with the iMac, you are sitting close to a spinning fan which never stops (!) even if the temperatures are very low. So even if the iMac is just displaying the desktop, not indexing anything, the fans are spinning with around 1200 rpm.
So if there are people out there who are searching for an inaudible Desktop Mac, I hope these "acoustic observations" can help you with your decision!
Best regards