baseline = cheapest version.
Haven't listened to the 2011, so couldn't compare. All in all, the 2012 is pretty quiet, especially if it's sitting next to a TV 6ft or more away.
If Intel's Haswell intro schedule is similar to IVB, and Apple's Mac intro's follow the same gameplan this year as last, you won't see 2013 Mac Mini's until November. That said, Haswell's IGP should kick some butt.
e8400, Ninja + Thermalright bolt-thru kit, Gigabyte EP45-UD3P, HD5770 + AC L2 Pro, 4GB RAM, 128GB C300, WD640AAKS, Samsung DVD burner, Corsair HX520W, Solo case, low rpm Scythe fans, Fan Mate IIs. At the wall: 80W AC idle, 145W playing WoW, 195W playing Guild Wars 2, 215W playing Star Wars: The Old Republic and iTunes (near 100% load on CPU and GPU), 235W stress test (Prime95+Furmark)