Oh yes, it took me more than a month to figure this one out!
And I HATE light and loud noises while I sleep, so I'm not sure how I stayed sane! I tried adjusting it before, but the problem is you can't do it while you're on the machine, but only before you start - of course, I always forgot to check then.
Even the moving dot bothers me (yes I'm that bad), so I usually tape an index card to the readout and it's cool. I've been on the cycler long enough now that I know what's going on when, so don't really need to look at the readout anyway unless it alarms.
The noise actually seems to get softer with each cycle, or is that just my overworked imagination?