Interesting philosophical question - how elaborate do we want Notes to get?
I use it for a shopping list, for frequent password and related info. access (e.g.: spouse and kid social security numbers, the code in case the alarm accidentally gets triggered), composing Facebook comments (since Facebook posts if I hit 'Enter' - whereas if I copy and paste from Notes I can have paragraph breaks), keeping links to content I like to reference in forum posts, etc.
I wonder how complex the usage is by most Notes users?
I'd never thought of linking to a note.