I also purchased an ultimate 13" i7 Air. I've been using it almost two weeks. I've been debating this issue every since the first day. When installing my apps (XCode and MPlayerX) and Win 7 via boot camp, I noticed the fans did ramp up and the machine definitely became audible. My office is relatively quiet but not silent. On a day to day basis, I mostly use this machine for XCode development. Doing development and web browsing, it is absolutely quiet and cool. I'm also running a U2711 via a mini-display port to displayport adapter and a mouse connected via bluetooth.
Yesterday, I decide to test the machine more and play a 1080p HD mkv will developing. After about 10 minutes or so, the machine became audible. With the caveat that I'm not particularly sensitive to a warm keyboard coming from years and years of PC laptop development, the keyboard was a little warm but not uncomfortable.
Long story short, I went and bought an additional 13" i5 Air today for comparison. I've set it up exactly the same. It also got a bit noisy during setup. Now that it is setup, I'm running my same video and development scenario. Low and behold the result is...the i5 is also running the fan and a bit noisy. Using iStat the fan is at about 4800rpm and CPU at 74c. For me this test is pretty conclusive. The fan noise is about the same for both machines for me. Also, the heat seems about the same too.
To sum it up, both machines have been noisy while installing a lot of software. Both machines have been noisy while running an external high-resolution monitor and playing a 1080p movie while developing. Both machines are very quiet and cool while coding, browsing, and such even if there are driving an external monitor, as long as a movie is not playing also.
I know this "test" will upset some so I'll go ahead and apologize now for running this test at the expense of wasting a new machine. Hopefully, this post will help others make their decision without such waste.
At the end of the day, it's likely I'll be returning the i5. Regardless, both machines in my opinion are excellent. Except for the rare occasion that I'm working the machine hard by installing a bunch of software, watching an HD movie on it via an external monitor while simultaneously doing a bunch of other work, they are very quiet and cool. Also the battery life has been excellent.
P.S. The test is still running now as I write this post, the i5 is at 73c and fan at 5100rpm.