Yes, the currently shipping Rev2 Singles pull cold air in from the sides and exhaust it out the top AND bottom. Of course it is possible to change the orientation of one or both fans if desired, or take the side/top covers off. Not sure how that will affect cooling ... they seem to be sensitive to temperature (I believe BFL stated 72F is safe for full-speed operation) and are prone to throttling if they get too hot.
I don't know if the Rev3 design will continue to use 2 fans; BFL may make an alteration in the enclosure and do away with the bottom fan altogether.
As far as noise, I've heard conflicting reports. A Rev2 Single uses two 2400RPM 92mm case fans running full speed. I'm not sure anyone can honestly describe a 2400RPM fan using the word 'quiet'. I have similar fans and, in my experience, these are quite noisy.