The bottom of the unit houses the single 60mm fan, unlike the larger units which have the fans on the rear.
Also included with the unit is a small gloss black baseplate to stand the unit on. While not necessary I suspect this was supplied in an effort to keep debris from blocking the fan. The fan cover can be quickly and easily removed to clean or replace the fan as needed.
As can be seen in the pictures below, when the drives are removed there is very little to block airflow between the fan and the drives. Even with the drives installed there is a significant gap between the drives (4mm) that allows for unimpeded flow. Even though this fan is small, it does appear to keep the drives cool, which should extend their life without being loud.
As mentioned at the beginning, this unit came with (4) 1TB Toshiba MQ01ABD100 hard drives. These drives are 5400rpm 3GB/s SATA drives with 8MB of cache. These drives did come preinstalled, but as you can see in the pictures below, the installation is very easy. You simply pull the tray out, put your drive in, and screw it down.