The Wraith has been announced by AMD as being a quiet cooler. It is only partially true: if you configure, on your motherboard setup (if the cooler fan is connected to it), the cooler fan speed on automatic mode with a quiet profile, the Wraith will be barely audible when the CPU is idle and have a reasonable noise level when at full load.
However, if you configure your motherboard to keep the CPU cooler fan always at full speed, the Wraith will be far from quiet. It is not as loud as a high-end cooler with a powerful fan, but will be enough to annoy you in a quiet room.
Concerning to the cooling performance, the Wraith was a little better than the stock cooler, maintaining a lower noise level or, at full speed, a way better performance and still quieter. Compared to a typical tower cooler with 92 mm fan, it also had a good performance, with similar performance. Of course, it was not even close to a high-end cooler.
Concerning to overall aspect and quality, the Wraith also did not disappoint: with a tough look and great constructive quality, its only flaw is the position of the lit logo, only visible if you keep your motherboard on an open, bench-style case.
So, if you are buying an AMD processor and you have the choice to take the version with the Wraith cooler, choose it. If you are not into overclocking, it will keep your CPU at a reasonable temperature with no much noise, and you will have no need to buy a third-party cooler.