The noise should be normal, it's the ventilation for the FFB. I was also "freaked out", but seems to be normal.
If you lower a bit the FFB on the wheel it should get a bit better or just up the volume of the game

For the LED go to the fanatec site and download the manual of the wheel. There the Led is explained.
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So for my first impressions after 2 weeks :
Marvelous, amazing, cool, impressive, ..... (take what you want)
After years of G25 (had it since the release) i thought the g25 hit it pretty well but this wheel (PWTS) is just amazing.
It's hard to really get the to tell how it improved but i will try.
The wheel is stiffer in the handling which is far more realistic than the G25. (PWTS = like mechanical with assisted servo / G25 fully servo)
The FFB is not only stronger (i don't use the highest setting on wheel neither ingame) but also a lot better. Hard to find how to explain this. Espacially countersteer is a lot more realistic than on the G25.
The wheel is bigger in diameter which adds to the realistic sensation
The tuning menu is not just a great addition but is needed to play the game in your likening
Here are the games i played so far
PC:
GTR 1 + 2 : great
GTR Evolution : great (there is not much to say as it just great)
TDU : great, i love it
NFS: Shift with the realistic mod : this is simply amazing to have a NFS that actually handles that great (the mod aims at GTR settings). The wheel adds a lot. Drifting definitly got challenging with the mod + PWTS
Rfactor : only did one lap as i never got this game configured spot on

M3 Challange : as GTR
Dirt 2 : wow to the inital FFB but downed it a bit. Amazing the game. Already liked the g25 with it but now wow.
Xbox:
Forza 3 : love to finally have a wheel for that game, just a bit sad the linarity is not spot on. Put finally a wheel for it so 👍
V8 Racing : As the game is a bit weak i can't really comment but a great wheel with it makes it enjoyable.
(need still to try out the PGR serie and get me Race)
PS3 :
Gt5P :
That is spot-on description.
It's just insane how great improvement the wheel is to this game. As all the others said i shaved of 2 sec on my lap times with the wheel (mainly due to the break pedal, but the wheel adds also so much)
Drifting is a dream with it and i don't even needed to go into the drift mode. it's very hard to pinpoint what makes it greater to the g25 but i would go with the bigger wheel, more stiffness in turning and the more realistic countersteer
SCC : Thanks to the tuning menu i can finally enjoy this game. With the G25 the FFB was way too strong for my taste. (plus not changing gears when i want and the missing clutch in a game which centers on weight transfer made me not liking this game). But now with the FFB to my taste the game is so great i can finally enjoy it even without the clutch. The PWTS turned a game which i didn't touched in months into a game i now enjoy.
Now with me so impressed after GT5P, i really can't wait for GT5.
I didn't had the problem on straits in GT, i suspect the lower FFB ( set ingame to 7 and on the wheel to 90, so not maxed out. )
I will update my wheel when motivated or needed and that's not the case at the moment.
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A question for the others:
Does the linearity option on the wheel makes the linearity in Forza better??