That's asking for some nasty electromagnetic radiation.

The cover doesn't just keep dust out.
The nightly reboot is another matter. That's when a jet engine taking off sounds quiet because the hard drive noise adds to the fan noise. Honestly, I would probably set this for during the day. 6AM is prime morning news watching before work. However, it's different strokes for different folks.
Thanks for the quiet fan suggestions. Antec and Zalman make good, quiet (but not necessarily cheap--I will pay, though) fans.
I might go with this option. My girlfriend is wanting a DVR in the bedroom. (No, I won't use the SD of TV2 out on my bedroom TV.) She hates light more than noise. I hate noise more than light. (Don't ask.)
Thanks again!