Despite Steve Jobs' silly comments about god having given humans 10 styluses.... a stylus is better suited for some operations... like writing or drawing (to my knowledge, Monet did not finger paint any of his masterpieces
)
The huge question is whether the digitizer on the Galaxy Note is accurate enough and/or fast enough. Even the market leader in tablet stylus hardware (Wacom) puts out some products which are less than useful in this category.
Humans have had thousands of years to perfect paper and pencils, so there's a pretty high usability bar for an electronic device to exceed.