Add me to the club, just swapped for my 2nd 20" at the Apple Store, Bluewater, UK.
I was following a similar thread in the Apple discussion forums about this, I did an online support chat and was told the 20" should sound similar to the 17"
http://discussions.apple.com/thread.jspa?threadID=242630&tstart=15
We have a 17", that is virtually silent, minor fan/air moving noise only.
The 20" only sounds like that when you cover the rear round vent, covering the vent on the 17" makes no differece as the 'buzz' is not there at all.
I note the the 20" vibrates also on the left side, more towards the bottom.
Is is a noisey, off balance or poorly secured fan?
I am annoyed now, 2 trips to the Apple store and they have £1200 on mine, I have a noisey computer.
I find the 'buzz' distracting to work with, although the iMac is a lot quieter than my old PowerMac G4 (FW800)!
The question I ask is are any 20"s quiet like the 17"s, this needs a direct comparison which I can do as my wife has a 17", as noise level is a very personal subjective thing.