I did this early last year, and it's a very nice addition to the interior. While I was there, I wired a USB cord from underneath the center console, behind the dashboard, to the bin. So, now I can charge my phone, or plug in a portable GPS, if I need it, plus have a great place to store more things, and good place for my sunglasses. I should figure a nice, factory looking, mount for my GPS though.
It's good to note that many of the EU versions of the 1 series have these bins installed from the factory.
There are no rattles from the bin itself, and there is a nubby rubber pad at the bottom of it that prevents anything from sliding around.. So, I've heard not sounds coming from the bin.