It at least has an auto transformer (called the AVR feature). Pure sine wave will prevent damage to the system's PSU (stepped waves can wreak havoc if there's too few steps to perform a good approximation, and it's an area corners may get cut to shave off costs). APC does better than most I've seen, but to be safe, go for pure sine wave.
As per the fan, it only kicks in when the battery is being used (cools the inverter, which generates heat when active). It's another area that costs can be lowered by using forced air cooling rather than large passive heatsinks.
The Online types are pricey when purchased new (
example), and the refurbished units (
example) can make a big difference in cost.