A few minutes ago I just got my two CM R4 series 120mm fans, with no LED.
External build quality is surprisingly cheap! But then again the performance matters more, and that's where these shine.
The nine blades are smoked and somewhat transparent, doesn't look like it in the picture though. The LED versions look the same, except they have LEDs :tounge:
One will go in my Scythe Kama Bay (to replace the default crapfan), and the other will go in the external air duct. I ordered three blue LED versions today from microcenter.