A couple of years back I built a HTPC based on a Shuttle barebones case, and the fan system was very noisy. I eventually ended up abandoning it for HT use because of the noise, even after extensive modification. I've yet to find a small form factor case that was quiet enough for me, and ended up with a larger Silverstone desktop style case that I keep around the corner in a dedicated media closet. Maybe Shuttle has quieted down their cooling system since I last had one, but I don't know.
Rick.