Lack of exposure compensation is a problem with 110 format cameras and not only because of backlit subjects.
To my knowledge, the few films available today are 200 speed and, as you probably know, the two selectable film speeds in 110 cameras were not really defined. If a cartridge tab presses on the cartridge lever, the speed used by the Pentax 110 is 80; if the cartridge tab is not present or filed away, the speed is 400. So, with today's 110 films (Lomography), using the 200 speed film has you shooting at 80 (a little more than a stop overexposure -- not too bad). Filing that tab off will have you using the 200 speed film at 400 - underexposure and not good.
As for the sound: its louder than a Leica M3. It's more on par with a Nikon S2, Contax IIIa, or a 1970's leaf-shutter rangefinder like a Canonet.
One more thing: I'm not the only person that's discovered front-focus issues. One website even had someone write what I was thinking: insert a shim behind the film "gate" of the cassette (between film and cassette back) so as to help with flatness and move the film closer to the lens. This would be needed for each cassette.