Hey Coupz... my temps are roughly 50 C as well on my 5770 running 2+ monitors. I don't think you're too far from the norm there, although I feel your pain on the fan noise.
Usually the mix of apps I have open:
Pshop (6-10 files open at any time)
Illustrator (6-10 images open at a time)
Omnigraffle (6-10 wireframes open at a time)
Chrome (many tabs open)
VMware (Win 7 64-bit open/running all day)
Outlook, Powerpoint, PDF Reader, etc.
Plex (usually playing music while I work)
Now I should say that I have a modded graphics setup so noise from my GPU isn't an issue for me. I have a 5770 batmobile, modded with the passive heatsink from my 5770 Silent Cell, so I can have easier support and no issues with the 3 monitors, but also no noise from the cards fans. The 5770 only has a single DVI, single HDMI, and DP. I could always get 2 monitors working with that card, but the 3rd was always an effort in frustration adn I eventually went the mod route with the Batmobile 5770 so I have the dual DVI and DP setup with an active adapter now.
I'm admittedly a bit of a silence nut, so my whole rig is tweaked to keep the fan noise to a minimum. If you want a silent setup I'd recommend looking at a few apps that let you control your fan speeds in the gpu rom (usually need to do this in Windows), you could look for an aftermarket cooler/fan that might lessen the fan noise when it does spin up, or you could do something like I did where you go down the passive card route.
Hope that helps.