I don't think the mesurement is misleading. That is what the mesurement is. Each person has different tolelance level. Definately, it is not as loud as SP10 for sure, but it is a different type of noise. It is not a high pitch like SP10 but it is a noise from the high speed fan and the PSU cooling.
The noise is difinitely more than S3 x 1. May be a bit more than S3 x 3-4 units. Its not a fair to compare against 1 S3 vs 1 S4. Power consumption between these machines are more than 4x higher.
Members here wanted to know the reading and specifically asked for it, so I powered up my S4 and provided 2 different mesurements. (I did the same with S3 when it first came out.) Not what I think cusotmer shoudl know, but I try to provide what customers want to know.
That decimal reading is from 1 unit, we may try with stack of a few units in a quiet place & will have an amp reading as well.
Side Note, I love my SP10 but I can't take the noise it make. DBA reading wise, it is more than S4 and it is high pitch. S4, yes, I don't want to be working next to it for 8 hours a day while it is hashing but it can be tolerated a bit more than SP10 noise. (This is not a bedroom space heater option but it can be the space heater in the garage, or basement or in the spare bedroom where a bit of larger fan noise is not an issue)
More info for S4...
To Power up S4, you have to hold a little nob (switch) on the PSU for 2-3 seconds. Then it will power up. Other wise, you may think it is a DOA like S2 used to be

Video from Bitmain as more infomation regarding the S4. I think this is easier than someone try to word how noisy it is
It push & Pull massive amount of air!!!
https://www.youtube.com/watch?v=KD4vdR7ZS8s&feature=youtu.beS4 does come with 2 server ears. (There is NO POWER CORD included) The box is well packed!!
That dba rating is why I stopped measuring in my reviews - they're misleading. 74 is very, very loud but at the same time you're saying its not much louder than an S3? And the video suggests not much louder than an S3 or an S2. I think its a lot more about sound quality than sound pressure. Some of my units are incredibly annoying but are 10 dba quieter apparently than others.