I have a Penguin BIO-Wheel 330 as well and I have been very happy with it. If you keep the water level high it will be much quieter. If you have plants in your tank I suggest you put some kind of biological media in the removable media baskets. I use Matrix from Seachem.
Gene Heitman - 12 tanks (11 freshwater and 1 saltwater), 206 gallons, 20+ species of fish/shrimp/snails, 52+ species of plants ... 10 years ago I just wanted 1 tank with some fish