Yeah for sure, take a look at this map: http://maps.google.com.au/maps/ms?msa=0&msid=105686047848531438589.00046881acd1e03708602
The thing is, plane noise gets exponentially worse the closer you are to being right under the plane, so if you're more than 250m away from a flight path it wont be so bad.
not an issue. I've lived in Mascot for 5 yrs- it was also my biggest worry before buying here. thats the secret of living here- it's not nearly as bad as people think. Having said that, you'll hear plans if you're directly under the path, but path rotation and possibly wind effects make the frequency of that fairly low. I think suburbs under the north/south flight path are far worse affected.