I'll chip in here, as a Mac and PC guy who did systems builds on the latter side for several years.
The wide variance in reported experiences with the iMac fan has to do with environment and configuration. You put the i7-7700K, a Radeon Pro 580, and a large SSD/Fusion Drive into an iMac in a 72º room, of course it's going to be running the fans audibly. But put in an i5-7500, Radeon Pro 570/575 and a 256GB SSD in a 68º room, and you should barely hear anything at all except under the most extreme CPU loads.
Here's some numbers to think about:
- The i7-7700K has a TDP (thermal design power) of 91W, as does the i5-7600K.
- The i5-7500 and i5-7600 both run within a TDP of 65W.
- The Radeon Pro 570/575 run within a TDP of 120W
- The Radeon Pro 580 runs within a TDP of 180W.
- Hard drives put out roughly double the heat as an SSD. (Not to mention they are noisier when operating anyway.)
Other components, like the PSU, RAM, and motherboard contribute modestly to the equation, but in a manner that is more-or-less consistent across configs.
So do the math - the difference between the top configuration and base configuration 5K iMac is an extra 87W of TDP to deal with. In terms of actual BTU/h that needs to be dissipated, I don't have exact numbers for the base machine (it's 741 BTU/h for the top config); but it's basically like sticking in a decently bright incandescent bulb inside that small case... it's going to heat up fast.