The beeps emanating from there tell you when the Hero3 is powered up and inform you when you've started eating up space on your memorycard with photos or video recordings.
His recently completed Project Inverted, just highlighted by ASUS, puts most of the hardware on the outside: the Sabertooth Z77 motherboard, Core i5 processor, fan cooling, memory, Radeon HD 6870 videocard and watercooling pipes all sit in plain sight.