I have the Equalizer and mine was "loud" when I got it, simple fix though, I purchased the shims from Equalizer and their grease, I grease the friction points on the hitch head (only these points not the trailer friction points) and I haven't heard a peep from it since. There is no effect on the sway control doing this.
I was offered the E2 for free with the trailer but after doing research decided I wanted the 4 point, paid the couple hundred difference and have never looked back. It's a great hitch, easy to use and does what it's supposed to.