The fan has only come on once the entire time I have had it and I was running it near it's full output with heavy bass for a long time when it did. It turned off within a couple of minutes of reducing the volume. It is loud when it comes on (think bathroom fan), but you won't hear it since the music will be hitting you in the chest. During "normal" listening, the fan will never come on. You have to really push it. The "Thermal" LED comes on when the fan engages, which freaked me out at the time, since I thought there was a problem. I checked my manual and it confirmed this.
I can send you a copy of the owner's manual (PDF) if you would like to read it before purchasing. Yamaha's website has them also.
I think mine is going to need a recap soon as well as a "going through", I need to have it benched to check it's specs. I may have some low freq oscillations on the right channel when it is turned up, which seems to be getting worse. I have bottomed out the right woofer at loud volumes, not good. It is moving more then the left woofer. I have isolated it to the right (B) amp channel. Offset at idle is fine though.
These amps are getting quite old, as you know, so I don't mind putting some cash into it. What would a new amp of this caliber cost? More then I could ever afford, that's for sure.
I will probably pay to have this one repaired. I have fixed an M-4, but this beast is above my skill level, even with the S.M. I would hate to blow 5 pairs of TO3-P's on a channel.