It's a sleeve type and there's a basic description at
anandtech.
Yes, it's odd. I've had a fan that didn't get on with a motherboard and case and caused the whole thing to hum with harmonics. I did have a supposedly silent-fan that was noisy out of the box, but it had clearly been used for some kind of extreme sport in transit as the packaging was badly damaged. Apart from that they generally do what they're supposed to.
This one is impressively quiet from start up. It also looks nicely made with a copper insert for the core. It uses the same split-pin mounting system as stock Intel coolers and loads of others. I've read some complaints about it being difficult to install and the design of the components and possibly material used doesn't give as positive a feel as some, but once it was in I could see it was square with the pegs locked in place and it was perfectly solidly positioned. It just goes ballistic if it's moved - even to the extent of removing a USB stick.
I've had a chance to look a bit closer and I'm convinced it's the bearing. I've left it running for 15 minutes and it does a steady and very quiet 1800 rpm. It keeps the CPU at around 32C which is fine. As soon the PC is moved it complains. A few times it even stopped completely for a split second as I could see the logo on the blades.
@Manthorp: yes, I wondered whether it might be a dodgy power thing, especially as the bios on the teeny weeny motherboard has some fancy fan management stuff that I hadn't seen before. It's one of those 'dual view' bios setups, with what's supposed to be an easy view as an alternative to a more traditional page by page, function by function setup. The easy view has 4 fan settings from quiet up to maximum. It also has some snazzy functions that allow you to fiddle with a graph of what the fan does as temperature increases. I left that alone. Yes, I could swap it into another PC, but do I really want to spend more hours ripping out fans and cleaning off thermal compound?