I have just read through a couple of sprawling threads about this hard drive and have winced a lot of the way and felt sympathy. Having been a system builder for many years, here are my thoughts which I hope will help focus people's thoughts and provide some encouragement.
If you want to cut straight to suggestions for potentially reducing noise (a small amount) without opening the case and fitting compliant mounts which isn't worth the risk or potentially voiding your warranty for, go to the bottom of this post and avoid my Seagate and Hitachi digressions.
1) As a tech I have fitted a lot of computers with Seagate drives because they are cheap and not universally poor. Some have been noisy but not necessarily unreliable, though I have read bad things about Seagate with some years patchier than others. They weren't as consistent as, say, IBM/Hitachi Desktar but some people have changed out the iMacs Seagate drive for 2GB Hitachis - and found them noisy, too. I have limited experience of 2TB drives but, from the reviews of 2 and 3TB drives I would think they would run quite hot, which though the iMac's cooling is close to genius and evidentially reliable, is not an ideal situation for constant heavy duty video work/rendering. I can see the attraction of SSD drives, though some are surprised to find they are not stone cold. Though I think it best to stick with what Apple are using with their computers (does anyone know if the likes of Apple specialists OWC flash their hard drives with Apple firmware?) my best experiences with regular beige PCs, relatively consistently so, have been with Samsung drives. That's a generalization and doesn't extend across and entire product range and I want to be especially careful what I say about replacing anything in an iMac, which is an obvious but worth stating risk, because I have no direct experience of it; it may not be a good match. If, however, you were purchasing a caddy/enclosure to house a backup drive (I'm not sure if it's still the case but I found that if said enclosure didn't have an Oxford chipset you might not be able to boot from it) you might want to check out the reviews of Samsung drives and see if the noise stats hold true to a widely reported brand generalization.
2) From what I have read your mileage may vary taking the computer back to Apple (as to any dealer). I have read stories of people with Apple Care who have, having read their Seagate's serial number to Apple techs, taken their computer back - three times. Each time, after a disrupted work flow, they have come away with computers just as noisy. It would seem to me there is a problem somewhere down the line but which can't be blamed on store employees or the store's tech department. The problem appears to run deeper and, for whatever reason, it doesn't seem to be being dealt with well. I do wonder about perspective when people criticize Apple because I find these things are true a large number of computer vendors. Apple rate better than many, from what I have read and I have mainly been impressed by their employees. Give them a call.
3) Some people can live with the noise, though it is important to state to the doubtful that it is not a quiet chattering sound but a disconcerting bass growl. For all I know noise canceling headphones might cancel it out but that's taking things to pretty daft extremes. I mention it because those that I have tried deal well with low frequency rumbles. There are a few things that you can do to reduce noise with computers and these I would think apply, to a lesser extent, to the solidly built iMac.
a) Tower computers usually sit on the floor rather than desks and that floor is often carpeted or stone; floorboards if skinny can act as a resonant sounding board, amplifying computer vibrations and noise. A rectangular case, unlike an iMac, lends itself well to cutting large rubber bouncy balls in half and placing on top of them a slab of mahogany/slate/concrete and putting the computer on that. Provided the half balls are glued to the underside of that base it's stable and makes an appreciable difference in many cases. Alternatively you can pick up rubber mats from dollar stores that drivers use to protect the carpet in front of the drivers seat. These are frustratingly thin but if you buy a few you can cut them to size and they make quite a difference, better than cork or carpet I felt.
What is your computer seated on? Is it a strong table or well made computer desk? If you tap it with the head of a screwdriver or your knuckle does it resonate quite loudly or is the sound well damped by the hopefully solid build? If you can't change the work surface or fill its hollow pipes with concrete(!) or stuff hollow storage areas with magazines, try placing something under the base of the computer/stand like a thick sheet of rubber or, better still, something like Sorbothane. I have a huge love of Sorbothane from my running days and have cannibalized those shoe inserts to good for sound deadening end but unfortunately it isn't cheap, at all. Free is always best, right? Take a look around the house and see if there is something you can cannibalize, the denser the better but with some squeeze compliance; at the risk of stating the obvious something like polystyrene can make things worse. For the sake of stability, again apologies for laboring the obvious here, make it a little wider than the base of the computer and be sure to fix double sided sticky tape to both; the cheap stuff dries out in dry office atmospheres so don't scrimp.
b) Though I think it's reasonable to describe that using a metal case as a passive heatsink as efficiently as the iMac does is close to genius, a lot of people have expressed probably completely unnecessary concern about the temperature of their iMacs. But you could buy a room fan and point it at the back of the iMac, though not so close as to disrupt the function of the iMacs own fan through air flow turbulence. The interactions of case fans and noise is an interesting topic in itself. Though I appreciate some people will have bought iMacs because they are fed up of the tiring whir of fans, which have been proven to make some people tired, the thrumb of a fan, much as case fans in other computers, will, hopefully, distract you from your noisy Seagate or Hitachi or whatever you have fitted. If you have the fan pointing directly at the back it could just drive the hard drive noise right at you, so think side on. If that fan has multiple speed settings you might even find one that is soothing. Yes... I know... debatebly better than nothing, though, and keeping a computer cool is always a good thing.
I do have some thoughts for reducing the sound of the hard drive through fitting compliant hard drive mountings inside the iMac but, because I have no experience opening the iMac, they amount to educated speculation from having quizzed people who have worked inside them. Apple know what they are doing, the put a huge amount into the design. I may think there are many possibilities for acoustically decoupling the hard drive from the case but the RISK and effort involved, I think, would make multiple visits to the Apple store (which is not to say that's what's happening to everyone; it's rarer that people with good experiences report those on a negative thread) absolutely worthwhile/necessary. You don't want to end up with a dead iMac. Above all, and though it's easy to say, don't let it get you down, other people have had much worse experiences with other brands, as I suspect you know. Haven't had much time to use it since getting it in November but I absolutely love my new iMac!
