I agree as long as it doesn't sound like a jet taking off in my living room. I gave up on using the 360 as a NF player because it was simply too LOUD. The ATV I have streams NF fine and is silent.
A rumor I had read (can't find where now, take with many grains of salt) is part of the reason the thing is so large and, well, xbox huge, is that the cooling solution for the box is nearly silent and to do that necessitated the size.
First-gen 360 or the Xbox 360S? The first-gen made my apartment sound like a damn international airport, but the second-gen, while not whisper silent, is pretty quiet.