My personal long story
Configuration: M1 Max (32C GPU), 2 TB SSD, 64 GB RAM
I had 3 units, all almost identical (whistle present) and kept the third one. I ordered them online, directly from Apple.
First unit: Ordered sometime during last summer. Was the worst: I had also fan whistle and PSU "crickets" coming from the bottom intake. Returned to Apple Store.
Second unit: I waited for the refund and placed another order on Apple Store. Same config. Received the second one somewhere at the beginning of September. This unit was somewhat better, it didn't have those PSU "crickets" but the same whistle signature remained identical with the first unit.
Went back and forth to multiple Apple Stores, trying to listen closely on units they have on display. All of them were quiet, couldn't hear the fans at all ... Of course, the environment noise was too high to hear anything.
Made an appointment with Genius Bar, they ran their standard tests ... no issues found.
At this point It was a struggle: Didn't know what to believe, should I keep the second unit ? Should I try one more time ? All of them are the same ?
Yet, my unit, when alone in my home office, late at night in a dead quiet environment is making intermittent high pitch noises ... that I can hear just sitting in my chair and staring at the screen (arms length)
Third unit: You know what? Let's try one more time ... I decided to take the second unit back to an Apple Store and just try one more time ordering online.
I received the third unit around middle of October. It was identical with my second one. I decided to live with it and the end I kept it. My previous iMac was sold at that point, I needed a computer and couldn't afford to play this "whistle/no whistle" lottery.
After 6 months:
I think for some reason my unit had "broken-in" and got quieter as time passed and I put more "miles" on it. Once in a while I can hear it late at night but it's way more "muffled" than before.
Also, I just stopped caring and stopped paying attention. I think it's a great form factor that changed my perspective forever: I can't go back to ancient PC "towers" 😁
I am sure Apple had some issues: maybe their supply chain messed up, maybe some design flaw ... who knows.
In the end, whistle aside, is still an innovative little machine that I really love and wished it was just a little better (storage upgradability .. that's it)