I have Avalon Nano 3. Cheaper hashrate/$, and probably less noisy — I haven't found noise information for Bitaxe.

Has anyone compared hashrate investment cost, operational cost and noise level?

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The noise is not an issue, bitaxe are more easy to fix or maintain in the long run, my Nano3 already lost a fan. As an investment, both are only to play or learn, Avalon Nano 3 is less expensive for sure in terms of only hard value, in term of openness, with bitaxe we all win.

Playing the bitcoin lottery isn't nothing!

If you are seriously concerned about noise you use a different fan.

They make a loud buzz when they first switch on but otherwise quieter than most computers or laptops when just idle not doing anything.

I just silenced my Bitaxe to absolutely zero noise.

Costed 20$ for a new heatsink and attached the stock fan putting it to run at around 35%.

Does it actually heat much?