@Kavas: I have the latest revision of this device (V3, which is V2 with a reversed cap). While I can confirm that I do hear slight noise while the SD card is being accessed, it isn't very loud in my opinion and goes away when you start playing games. I am however using a Core Grafx and not a white PCE, so that may be a contributing factor.
I do know that when using a White PCE (when I had one) with my briefcase and Framemeister setup, I had a bunch of issues with it. Mainly video noise/sync and other problems. All of them went away when I moved to a Core Grafx, or Core Grafx II. Coupled with the Core Grafx jailbar fix, the picture looks pretty flawless.