Mine is currently sitting in the closet of my home office about two and a half meters from my desk and while it's not ideal it doesn't bother me.
What I'd like to do is disconnect a few of the fans in it. Between the fact that it's rarely over 75℉ here and that I don't demand much from the PoE unit I don't imagine it'd be an issue; plus I can always keep any eye on the temperature via SNMP. The only problem is that as soon as the damn thing notices that a fan has been disconnected, or even stalled, it shuts off. So, I'll have to throw something together to fake the tach signals to keep it happy.
In any case, I was in the exact same place as you when I bought it, it was simply too good of a deal to pass up (I paid something like US$38 for it).