I can only respond to the question about fan noise concerning Gen1 (I don't know Gen2): These are def. audible. I have installed the switch in a small rack in the utility room and you can hear the switch quite well outside the room (as long as the door to the room is open).
Conclusion: I would not want this switch in the living area. But outside the room it fits perfectly.
What you have to consider are the dimensions and weight. In my opinion, both should not be underestimated.