Yes it makes less noise than the stock cooler for sure, I can't really hear it when I'm over there and he keeps the side of his case off and only has two other case fans. I also run the TX3 which is the smaller version and I never hear my CPU cooler, I do have a lot of fans though.
It's fairly quiet- definitely better than the horrible noise the stock cooler makes when the tiny fan spins up to 4000rpm- and it's MUCH more effective at cooling. The single fan was enough to keep me around 45c under stress tests. Overclocked, I added a second fan and still stay under 50c. For $20, it's hard to go wrong.