The short answer to your question- LUV IT!
Let me put it this way, my better half calls it "the other woman" LOL. I'm not an old timer machinist or metal worker but for me it's a fantastic machine. The SM9 is a great machine as well but the SM1120 is at the next level of refinement. D1-4 spindle, 1.375 thru hole and the list goes on. As for the noise of the gearhead, I don't find it noisy at all. Yes it's abit over the belt drive but it's not like standing next to the shop-vac or compressor. I've had three belt drive machines and the two SM gearheads and I don't see myself going back to a belt. There is a belt to change from fast/slow range at the motor but I seldom need to go there.
I did a lot of research before buying the 1120 and don't recall ever reading a bad word about them. The one I have is actually a 13" swing but it was sold as an 11" swing, no I don't know why.
@RobinHood (he has an 1120 as well) and I had this discussion and the only thing we could figure was that it was a misprint that was to much trouble to fix.
If you know someone close that has an SM try and get a tour of it and then you will have a reference point. Or if you get out my way let me know, the coffee will be on and we can make some scrap metal.
I don't know if you saw the thread from when I got my 1120,
https://canadianhobbymetalworkers.com/threads/sm1120-finally-found-one.2887/
but it is in great shape.