I think the Note II is a fantastic device, but it is not going after iPhone5 buyers, it's for a select crowd.
The Note II with it's large screen and stylus make for a good business device, to take on job sites and meetings, the stylus makes it a nice work phone. And the specs are top notch, making it a very fast with butter smooth performance, and pretty good battery life, for such a large and beautiful screen.
But the iPhone5 should not be compared to the Note II, two different sports. The Note II is a hybrid device, a mix of Smartphone + Tablet + Laptop, all rolled into a portable device. But it is not just a smartphone.
Agreed