UPDATE: For an even deeper dive into the system's thermal behaviour, see our updated analysis HERE.
Moving onto CPU thermals, the 14900K gets warm, but not dangerously so, hitting 86C in Cinebench and 88C in Cyberpunk 2077. Limiting the PL1 to 200W definitely helps considering the CPU is only cooled by a 120mm AIO, but by this CPU's standards, the thermals are well in check.
GPU thermals are also nothing to worry about as we saw the memory peak at 82C, with the GPU at 62C and the hot spot at 71C after a thirty minute stress test. Software tools don't report the MOSFET temperatures for the 4090 however, which I would be fascinated to know considering there are no heatsinks cooling the GPU VRM, but without the data all we can do is speculate.
One downside for the One is that is does get loud under load. Considering its combination of 14900K and 4090 in a compact chassis, I suppose this was to be expected, but it could be distracting for some users – it didn't bother me when gaming with a headset on, though. There is just a touch of audible whine from one of the pumps inside the system when it is idling, but be sure to check out the video for a sound test.
Lastly, total system power is nothing to worry about either. When gaming we saw almost 670W in Cyberpunk, but that's well below the 1000W capacity of the power supply, ensuring good levels of efficiency.