Is anyone else experiencing the awful engine phasing noise when rotating around the plane in external view? Any solutions to this?

Yes, I just bought it last night and this was my first flight this morning. I had the same thing.

I hit the Q key to shut off all sounds, I had it off fairly long, not sure if that has anything to do with it.

then when I turned it back on the sound was gone and all was nice and quiet.

If that doesn't work, try alt+enter, go into windows mode and then full screen again.