I think the ability to be portable in a easy way make a difference between Note and Tab 7, not the price :-)
I have Tab 7 but it quite cumbersome to bring along wherever you go. But the size of Note is just nice to put in our pocket. Pleasure to the eyes when reading books or viewing videos yet small enough to carry it along.
~~just my opinion of course~~

I think the interesting part is the SIZE. Semi phone, semi tablet.

if u plan to edit or do ur work on the note. clearly, how convincing anyone can convince themselves, its hell no way u can do it without frustration, 5 inch is 5 inch.

even on the sgs2, the only thing i found really useful about such apps to help in productivity is viewing my powerpoint or pdf files.

i tried editing my word file, and hell, i gave up in 1 minute. adding an inch wont help...

rather get a macbook air and a nice backpack, looks good, ada style and u can take it anywhere... not as if someone will be doing their editing while they r standing or wutsnot... email yes, those kind of work productivity stuffs leave it for laptops, even on a ipad, i found it frustrating, not only in terms of the lack of options, but just didnt do as good as a notebook would

u can't even consider this as semi tablet, it just huge size smart phone ......
my programmer done me some custom app for my tf101 but it still can't replace my laptop (even transformer look like a netbook) but still far behind my daily request interm of software/os .... i still use laptop.

Note is a phone not a tablet :-)