Yup, it's fairly loud - though a lot of the noise comes from old habits of pushing the key all the way to the bottom of its travel - required for membrane switches, but not for mechanical switches.

Also, if you want a quieter keyboard but still want mechanical switches, you can go for the Rosewill keyboards with Cherry MX Brown switches - it gives you a tactile bump, but no associated "click". You'll still make a lot of noise if you bottom out, however. If you get out of that habit (easier on your fingers, by the way), they're quiet as a mouse.