I've heard this noise to one degree or another on every 750 I've been around, it's a characteristic noise of the model I believe.
If the cam chain, primary chains, tensioners, clutch basket, and transmission bearings are all in great shape, there is less noise. On a worn motor the noise can be quite loud indeed. Tuning your ignition precisely and syncing your carbs well will also help.
You can measure the primary chain tensioner through the oil pan, there's a spec and procedure in the manuals. You can remove the cam chain tensioner and make sure it's working properly.
mystic_1
Edit to add: in my opinion this noise comes from the primary chains "bouncing" against the tensioner, as the crank accelerates and decelerates during normal operation. With the clutch pulled in, only the primary sprocket and clutch basket are spinning. When you release the clutch, the clutch center, transmission mainshaft, and associated gears are all brought on-line, increasing drag on the system. As a result, the crank is slowed more during the "non power stroke" moments, so slack shifts from the lower run of the primary chains to the upper run, then it shifts back again during the next power stroke.
So, the primary tensioner bouncing around, plus any play in the clutch or transmission bearings, all contribute to the noise. This is all just my wild-ass-guessery, btw, so take it for whatever it's worth.
-m