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I don't have a way to test the actual cooling properties of the station but the fans were helping to pull more hot air out of the PS5 after it had been running for several hours. It has 3 levels of fan speed and the highest level does generate some noise but it is nowhere near as loud as the PS5 itself. I also appreciate that you don't have to use the fan if you don't want and can press the button a 4th time to turn it off entirely.
Similarly, the RGB lights can be used independently of all features. There are two color cycling modes (one is a "chunky" gradient cycle, the other a smooth flow) or you can leave it on "blue" which matches the color of the PS5's own lights. Again, a 4th press of the button turns them off altogether.
Charging worked well with my 2 DualSense controllers and it was easy to tell from across the room that the controllers were charged thanks to the big orange/blue indicators. The headphone clip was also appreciated as I do have over-the-ear cans that I wanted to start hang up when done playing.
The dock continues to work fully featured in Rest Mode to charge controllers and run the fans and lights, just make sure the system setting is enabled to provide power to USB devices in Rest Mode! Also convenient is an extra USB-C port that you could use to power the dock just for charging if you'd rather not put the PS5 in Rest Mode or turn it off entirely. Note that you'll need a separate USB-C cable and power supply to do this.
Overall, it's a quality dock if you're looking for extra cooling power or convenient controller charging in a small form factor.