The fan noise is normal. I had a PS4 that was dead silent because the fan never kicked in and it had the infamous Ce-34878-0 (crashed every 5 to 15 minutes). I got a replacement from Sony. Thankfully, the replacement PS4 has been running great for over 6 months and was a new unit.
I want to explain why there is so much talk about the fan getting loud. At times it can kick up, but it does go back down at times. It is noticeable when the volume is very low or off. The noise varies among the different games that are out because of the stress put on the system as a result of a multitude of factors.
Plus, people are not considering or know the simple fact that the PS4 HAS A CUSTOM BUILT FAN. It isn't a stock PC fan which are commonly available and of a variety to choose from. This is why certain xbox 360 and xbox one power bricks vary in noise level.
Considering those statements, the variation of noise is minimal. One friend of mine swears his is dead silent. However, from hearing his PS4 myself, it sounds the same as mine (except his CD drive is definable louder than mine).