I always like seeing people purchase the newer revisions and carry on the M1 tradition. Years have passed, and case revisions (as well as evolving hardware) have kept this case not only relevant, but still a leader in the SFF space.
It's a good case, there's one sitting on my desk. The V5 wouldn't mount with my SF600 the way I wanted (holes didn't line up IIRC) but I was able to use silverstone's SF to ATX PSU adapter plate. Let me fit a monster Noctua C14S in mine, but it's tight.
I'm considering going with a ghost, dancase or SM500 for the next round or picking up a V6. My only complaint is the system on air can be a little loud, but it's got a lot stuffed in there and I could always look at a small WC system the next build.
WC won't necessarily be any quieter, as these SFF cases have perforated panels on all sides where sound easily escapes from. As with all sound related stuff, it's largely preference and a gigantic YMMV from one person to another. Back in the Ncase M1 V1 days when I made a custom loop in it the DDC pump (even speed controlled to ~20%) and SFX PSU's fan were audible above the regular fans. Phuncz's build (Scythe Kabuto II + Arctic Accelero on GPU with stock Accelero fans replaced in lieu of 120s sitting at bottom of case in exhaust) was far better overall.
Granted, things have progressed drastically in the years that have come - we have PSUs like the SF750 in my Cerberus-X (I believe you have one too?) that rarely use the fan, and we have really slim profile rads that makes a dual setup fairly easy (compared to years previous) in the M1.. but you'll still have to figure out a way to mask that DDC pump noise.
