The picture is deceiving. It has about 6 inches of clearance from the top shelf, 5-6 inches on the sides, and another 5-6 inches from the back of the wall (I did that just now to get it away from the wall a bit more, hence the overhang on the front, going to try that placement now). My previous PS4 had about 2-3 inches of clearance from the wall, and 2-3 on the sides. Only got barely audible.
All of that being said, there does seem to be a lot of varying opinions on this. My launch PS4 was screaming loud, from the day I bought it. The 2nd revision I traded it in for last November was very quiet. This one may be even louder than the launch PS4.