I have a couple of those 11.5" uppers. The first one, I intended to take apart and build up to a different configuration and the second one I bought because I wanted the pre-ban lower. Of course I ended up shooting them. Just as was posted above, I found that there was a significant difference in velocity. I don't have the figures in front of me, but the jump between 11.5" and 14.5" is one of the bigger jumps when comparing various barrel lengths. Both uppers shot OK. I didn't do any real serious accuracy testing, but when zeroing at 50 yards, they shot groups that were pretty typical of what I could shoot with iron sights at that range. I personally didn't notice the difference in noise but then, my 14.5 is a Bushmaster M4 with the mini-y-comp muzzle brake which is very loud itself.
If you don't have the money for a new upper, just shoot the one you have and enjoy it. Personally, I am a civilian and don't anticipate being in a long range firefight in the near future, so I am not all that concerned with the lack of fragmentation. Of course this lack of fragmentation is primarily a factor when using mil-surp ammo. You can increase it's effective range by using civilian ammo such as softpoints, hollow points, or ballistic tips. If you are shooting paper, or plinking, this is not even an issue.