The fan control is very good. The fans have hardly ever come on loud on my iMac, even when pushing it hard at 100% CPU for several minutes. It stays pretty cool even so. When the fans do come on, they stay on only for when the CPU usage is high. And they quiet even when running.
However, I have the feeling that it has become louder since I got it in February - perhaps one of the firmware updates changed something, but early on I couldn't hear a thing unless I leaned really close. Now, when I listen, I hear a very faint fan hum pretty constantly. On the other hand, I switched from a Dell machine that ran its fans all the time the PC was on (literally all the time, there was no time when they weren't spinning), so maybe I've just adjusted to a quieter working environment.