Its much more quiet....more like a drill press or sander, maybe a touch louder and obviously louder when cutting, the tool makes noise too.

I have a square type air cooled....gets a little hot, I rigged a PC style fan (220v one though!) Above the unit so the body never got above 50C....it was reaching that with just the regular fan, ambient in the 70s at the time. Water cooled I gather is much cooler running but mine seems OK, if not ideal.

Chiller should not be required if water cooled.

Why so slow in MDF? You'll kill your bits at that speed.