Yeah I know. Unfortunately I think that all quiet coolers (verax fan, Apple's 9800xt's fan, Apples's 6800Ultra's fan and the ATI Silencer) take up one PCI slot.
It depends on your priorities. If you value the low noise level and don't use all your PCI slots then it may be something to consider. Unfortunately I believe the slot it covers is also the fast 133mhz one.