Steve, I don't have a larger one, but with my little 1hp one, it's still better than a PC router. I'd think it would be somewhere in between a PC router and an electric fan cooled one. The faster I run the little one, the louder it is, but it isn't anywhere near the level of a PC. Just wanted to clarify that it would be louder than an electric fan cooled one and a water cooled one due to it being a shaft driven fan like a PC is.
This guy has a nice selection of Chinese spindles/vfds. http://ugracnc.com/