I have the MSI K8N Platinum (non-SLI) and the fan was gradually making more and more racket. I submitted some tech support queries to MSI and they said the fan should be running around 2500 RPM, which mine and seemingly everyone elses' is running at 5500-6000 RPM. They sent me a new fan for free, of course it continued to run at the same speed, but it was quieter since it was new. I tried running my computer without the chipset fan, which freaked people out on the general hardware forum, but the temp of the chipset according to speedfan was really no different, although I don't overclock or game much. I also touched the heatsink and it was pretty warm, but it did not burn me.
As a compromise, I'm using one of those Zalman wires with a resistor on it that drops the voltage to 5.5 volts, which dropped my RPMs to 4400 (I'm surprised it didn't drop more). Anyway, the fan is quieter and may last longer and the temps are perfectly fine.
I imagine replacing it with some aftermarket cooler is probably the best long-term solution, but I wanted to share my experience. Good luck.