The Arctic Cooling Freezer 64 Pro looks massive in construction. You can see the four heatpipes go out on top of the cooler.
In order to reduce fan noise, these rubber mounting posts are used to hold the fan. I am not sure how durable they are and if they get brittle over time, but I'm convinced Arctic Cooling has given proper thought to these problems.
There are numerous reasons why you would like to change the orientation of the cooler. For example to optimize air flow, or because the lever is blocked by components on the motherboard. Rotating is very easy, you unscrew the lever, pull out the metal tab, insert it rotated and put back the lever. There is a small hole on each side of the tab which lines up with the black plastic plate, so no matter the orientation, the cooler will fit right.
Those angled fins near the bottom are another ingenious idea of Arctic Cooling. They direct some air toward the motherboard which can be used to cool memory or the MOSFET area on the motherboard. Remember, rotating the cooler into any direction is easy.
This illustration from Arctic Cooling shows the air flow.