Noisy! Not surprising, all the exceptionally bright home projectors tend to be these days, when running at full power. Panasonic, like some others, chicken out, and don't provide an audio noise rating for lamp at full power, but they do claim 29 db in eco mode.
How does that translate? Well, the quietest projectors around can break below 20 db in their eco-modes. Most average projectors try to be under 30 db at full and in the low 20's in eco. Other bright projectors though tend to be in the low 30's at full power, and you can count the two closest priced Epson projectors, the Acer H9500BD, and for that matter, most of the under $1000 DLP projectors. If the new Epson 5010 (2400 lumens claimed) is noticeably quieter than the Panasonic, when both are at full power, I'd be surprised. On the other hand, that same Epson, and several other projectors similar in noise at full power, are likely still a bit quieter than the PT-AR100U in eco. 29 db in Eco-mode is not a spec to be proud of in your basic home entertainment projector.
On the "bright" side, this is, (again), a family room, bonus room type projector first. More family oriented environments tend to be noisier, than a dedicated theater, so most of you won't think twice about the fan noise, at least in eco-mode, where this Panasonic is still brighter than just about all the competition at full power.