I just performed this "upgrade" on my P4 system, except that I replaced an AlCu Zalman, not the Cu version.
I installed a Nexus 92mm fan on the XP-90 which is known as the quietest 92mm fan available at stock voltage. It doesn't have alot of CFM, but this heatsink doesn't really need it unless you are really running very hot.
In any case, the Zalman is much noisier at 12V. However, using the supplied FanMate on its lowest setting, it is almost as quiet as the Nexus fan with only a little less airflow. The performance is very similar between the two heatsinks. Probably the XP-90 is a degree or two better. The Zalman is also considerable cheaper when you factor in the cost of supplying a decent fan for the XP-90.
Either way, both are very good heatsinks that can be made quiet and install pretty easily.