OK, so your post isn't quite worthless. -Sorry. BUT your speaking from the perspective of a machine that "is going quite nicely" and doesn't the the problem.
Or does it?
Do you sit in a dead quiet room with your dead silent iMac and hear grumbling coming from the machine where everything else is quiet?
I think you've still missed my point - my point is that ALL hard drives make a noise - it's a by product of something being spun around at over 5400 (or 7200, even 15000) RPM, and heads moving back and forth at insane speeds to read the data.
You are FAR less likely to hear the noise of a normal operational HDD when there are noisy fans, which is fairly true of most computers - you'll hear even less noise if there is acoustic dampening (such as in the Coolermaster Cosmos).
Seeing as there are neither of these in the iMac, then you've got a greater chance of hearing normal noise activity.
Normal noise levels for different brands of hard drives varies, based on number of platters used (and therefore the number of heads in the drive) and spindle speed, as well as any possible vibration reduction used to secure the drive or internal mechanics.
On my desk sits two Western Digital 200GB drives, and two Western Digital 500GB drives, both spin at 7200RPM, and of the two sizes, the 500GB drives are the quietest. They were like that when I got them.
There is an obvious difference between this normal type of sound, and the noise that a dying hard drive makes (grinding, clunking, screeches, whines, clicks and whirrs above and beyond the call of duty).
While not discounting that there could be an issue with the drive, perhaps some are complaining about noisy drives when that is in fact just normal noise levels for that drive?
I can hear my drive sometimes (particularly on first boot up), but as I have the 2TB Hitachi model, I am probably not going to have the same 'issue' as others.
My room is moderately quiet, at least quiet enough to faintly hear the fans in the background even at low RPM.
So, moral of my post is, while it could be a noisy hard drive that shouldn't be as noisy, it could also be that it's perfectly normal, and the only reason people are complaining is because they expected the computer to be quieter than it is

, or just anal retentive (tongue in cheek guys!).
What would be great, to give us all an idea of the noise people are complaining about, is if someone with a noisy drive could record the computer running while accessing/writing to the drive. It would need to be in a relatively quiet room, with the microphone at a minimum of 60cm or 70cm from the front of the computer. That should give a fair indicator of what the issue is.