Theres plenty of reviews on the S series laptops, you can tell that we all are glad we bought it. The is no reason in my honest opinion to get the dell 700m. I know its cheaper, sure... But if you get the S360, you get what you pay for. Better video card (Which if your not a gamer doesnt matter, but some video editing software can benifit from a nice video card), MUCH BETTER SCREEN, and when Is ay much better if you havent already take a look at the two at your local frys. The second I saw the dell screen next to the fujistsu and Sony screens, I said what a waste of money. If your looking for potability, the 360 is super light, and I have gotten damn near 5 and a half hours out of it while doing moderate computer acitivities.
The fan in the Dell is probably less annoying, but as many have mentioned, you can turn the fan off with different profile settings. Which I do when Im in class, I even play games with the fans turned on, but at a more quiet and moderate setting and havent had any problems associated with to much heat.
It's worth the money, and you have until the end of this month... Then you have to wait for the rebates to come back.