I actually have about 12 of the older Rackable Dual-Xeon systems. There were a few revisions of them.
The older versions have four SCSI drives mounted around the inner / upper edge of the machine. These machines (at least the ones I have) do NOT have a top on them. Yes, the top of the machine is exposed.
The newer versions have hot-swappable SCSI trays accessable from the front, those are actually fully enclosed.
Both systems are LOUD. There are no speed controllers on the fans, they just run, constantly. Also the MB is front-mounted, so the only connection on the back is power. Everything else is on the front. The ones I have also have a front-mounted LCD which can be programmed via Serial Port. I'm sure you can load 'current' data on them but I never really got into the programming of it other than putting the system name on it.
The one major complaint is the PSU. It's a non-standard deal that can be a pain to find on eBay. The pinouts and stuff are standard, but there's an extra connector in it that only works with the rackable power control thing in the unit. You may be able to replace the PSU with a non-rackable version and pull out the extraneous power control board / stuff, but I haven't tried.
Other than that, they work. Depending on which version you may or may not have space to actually fit a PCI card in, and you may need to purchase a PCI riser separately to make them fit.