I have mine fully covered by a box to ensure good airflow. Had it off for many hours, turned it on and it immediately goes into full speed fans (just shy of 17,000RPM) and IPMI doesn't indicate any issues (see below, the CPU0 TjMax is at 90C as soon as I hit power when cold, so I think that is literally just the max it's allowed to be..??). I only have one CPU installed right now, so I'm not sure if that's related. Installing Ubuntu 16.04 via SoL (ttyS4) as I type this (with earmuffs on...) and hoping the OS has some sane fan management or additional info I can glean to figure out what's up. Full BIOS reset (via jumper) brought it down to maybe 50% fan for a few minutes, then it ramped back up to 100%; messing with thermal and power management settings in BIOS also has no impact.
# ipmitool -I lanplus -U USERID -P PASSW0RD -H 192.168.0.91 sdr
Outlet Cntr Temp | 17 degrees C | ok
Inlet Temp | 17 degrees C | ok
PCH Temp | 43 % degrees C | ok
P0 Therm Margin | -50 degrees C | ok
P1 Therm Margin | no reading | ns
P0 DIMM Temp | no reading | ns
P1 DIMM Temp | no reading | ns
HSC0 Input Power | 68 Watts | ok
HSC0 Input Volt | 12.28 Volts | ok
CPU0 Tjmax | 90 degrees C | ok
CPU1 Tjmax | no reading | ns
SYS_Fan0 | 17040 RPM | ok
SYS_Fan1 | 16756 RPM | ok
TSOD SMBus Sts | 0xe8 | ok
CPU Therm Trip | 0x36 | ok
Pwr Thresh Evt | 0xfb | ok
Battery Mon | 0xe1 | ok
SEL Status | 0xb7 | ok
DCMI Watchdog | 0xa6 | ok
Processor Fail | 0x91 | ok
Chassis Pwr Sts | 0x76 | ok
Thermal Limit 1 | Not Readable | ns
Mine also had the internal USB port completely disabled by default.