It is quiet under most cases (~2500 rpm) but is noticeable when it revs up if it gets hot for one reason or another (using the hard drive a lot or putting it on something soft).
It is a quiet unit, but that might be because I always have some sort of music playing. Seriously though, I find it quiet for general tasks, email, surfing... Importing 5000+ photos into iPhoto can work the fans though.