Zalman makes some nice smaller fans that have fans mounted vertically (facing out in the direction of the side of the case. Problem with that design is that it could potentially interfere with memory modules on some boards. The 9700 does on mine, the 9500 probably wouldn't.
Another argument I can think of against the side-oriented fan is the way air moves through your case. It comes in the front and exits out through the rear exhaust fan. The way my 9700 is mounted (and the way any HSF with that orientation works), air flows through the fan and over the blades of the heatsink, and then gets sucked right out the back in one long stream of airflow. If you have a case with a front fan mounted at around that height, you can look through the case and see what I'm talking about: direct, efficient airflow.
A fan that directs air out has a more convoluted circulation pattern that's not as good at evacuating air quickly. It blows air into the side of the case, and even if you have a vent fan there, it's still not as good or as efficient as an uninterrupted a front-to-back flow.
That said, most people probably won't need or want to care that much. Aesthetics (to a point) is as valid a reason to choose a part as performance.
Oh, and I've never really found the 9700 to be particularly loud. That's why I like it--when I want it to be quiet, I can crank it down 1000rpm or so and not hear it, or give it the full 2920 when I need maximum cooling.
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