Please refer to the dedicated test setup page as it applies to this review as well and I did not want to go over it separately to save on review space.
CORSAIR rates the RPM range of the AF120 RGB ELITE from 550 to 2100 RPM. Of course there will be variations between samples, and airflow resistances will play a big role, too. The provided three samples went from an average 2121 RPM at 100% PWM down to a low 264 RPM at 10%, following which the fans turned off. CORSAIR does advertize a 0% mode which is a zero-RPM mode that allows for no fan noise at idle operation with the fans only turning on based on your set fan profiles. Needless to say, this is a long RPM range of control and the numbers match the rated values well enough—going even lower is a bonus in my books. I do wish the RPM response was more linear though, although I am happy that the standard deviation between the three samples is extremely low. The fans turning off meant it was the ambient 19 dBA of the anechoic chamber that's being measured at 0 RPM, for those wondering. I did not experience any bearing noise either, so things are looking good! Context is needed to talk more about the fan's relative performance and noise, so I have comparison charts below for some fans tested at set RPM values, or as near as they can get to those.
The charts above help put the AF120 RGB ELITE in better context with the chosen RPM values reflecting usage scenarios most popular with watercooling, although some fans go higher as is the case here. The charts are to be considered for comparison within this result set only and are not to be compared with results from another test elsewhere owing to different testing conditions. Note that these are average values for all samples of each fan and do not reflect any sample variation, and I will also place another caveat here given these are intended by CORSAIR to be more airflow optimized for use as case fans rather than radiator fans. As such, the larger noise generated here ends up being held back somewhat by the lower airflow pushed through the radiator where other static pressure-optimized fans do better. Note also how the older, non-RGB version is seemingly pushing slightly less air but is slightly quieter as a result. This is more to do with sample variation than anything else, especially given how the numbers are within error margins, but still goes to show that CORSAIR's managed to put out an RGB fan that is effectively the same in performance and noise as its non-RGB version! This also means that, based on a few quick experiments with the non-RGB AF120 ELITE, I can say the AF120 RGB Elite should push far more air when up against less airflow restriction such as a case filter.
Instead of having CFM/dBA charts that can potentially be taken for more than they really offer, I am going to show three other fans as a comparison for further context. These include the subject of this review—the CORSAIR AF120 RGB ELITE—but I decided to skip out on the AF120 ELITE since the two were near identical with the latter taking a small win at lower fan speeds. The CORSAIR SP120 RGB ELITE also ends up faring slightly worse from a performance/noise ratio, interestingly enough, as seen in the equivalent section here. I instead decided to put forth one each recently released RGB fan from three other brands in the form of the Lian Li UNI FAN SL INFINITY 120, the be quiet! Light Wings 120 mm, and the Thermaltake SWAFAN 12 RGB. The Lian Li and Tt fans have their own gimmick too, which may or may not be to your liking. These two also generally are worse pure performers but make up for it from a performance/noise perspective to where they can be decent case fans. The CORSAIR AF120 RGB ELITE and be quiet! Light Wings would be more apt for hybrid airflow restriction scenarios or as all-rounders should you want to keep them across builds and use them for different purposes. I'd still take the Light Wings personally, assuming all other factors are equal.