I just got a WD 74gb Raptor, and it sounds like a popcorn popper. After reading all your notes, I wonder if this one is bad. And, to be honest, I don't notice it being that much faster than my Maxtor 7200rpm 250 gb SATA.
Let me clarify, my machine takes same time to boot with Raptor or Maxtor. Much smoother and quiter w/Maxtor, and all graphical components done in 20 sec with Maxtor, still flickering for entire 2 min with Raptor.
However, in fairness, on transfer/copy of lots (around 25gb - can't remember now - random files small and large, the Raptor copies about a minute faster (around 3 minutes vs. 4 minutes), but like I said, crackle, crackle, crackle.
My system is HP Media Center, and the case side is vented, so not much noise blocking...part of the problem, but I can't believe all the posts about how quiet they are. I've emailed WD about it, and they just say faster drives are noiser.