It sounds like all motor and bearing noise to me, with a faint electrical buzz once you get up close to it. At idle there's absolutely no noise from air movement until I hold it up near my ear. In contrast, the similar dBa level GT AP14 noise is almost completely from the air flow and smooth.
I'm sticking with quiet but unpleasant as my perception of the noise. I don't want to antagonize Amazon with a return right now so I'm going to try modding it with a Noiseblocker. I already have an extra micro 2-pin adapter. When the new semi-passive 300w Silverstone sfx comes out I'll try that in this Sugo 06 and put the 450w in a Ncase.
Well, even if the dBa level is similar, it could sound very loud/unpleasant because of the fan size or motor/bearing. When I had my SG06, the loudest fan was the PSU, but my SO could not even hear my system. It is just the tonal difference between fans and how we perceive noise.