Guess I'll be the dissenting opinion here as I just bought a Note 2 and after 4 iPhones and a Galaxy 3 (which is going to the wife) the Note 2 is the best phone I've ever owned out of over a dozen through the years. Period.
Too big? Nonsense. iPhones are too small. As you can see, both are ridiculous statements but I'm just making a point. Big is clearly in the eyes of the beholder and use whatever works for you. In my early fifties now, the iPhone screen is too small for ME. Might be fine for you.
And those saying that the Note 2 looks silly up against your head? Again, nonsense. Most folks have cordless phones at home that are substantially bigger than the Note 2 and I don't see anyone complaining about how big those are or feel like an idiot using them. Fact is the Note 2 is very comfortable to hold on a call.
OP, the Note 2 is a wonderful device so try it for yourself. You may in fact decide it's more than you need and that's ok. Just don't listen to blanket statements about one vs the other. Smartphones today are no longer just phones, they're really pocketable computers that can also make calls. To that end the Note 2 excels in every way possible and will be another huge winner for Samsung. I still recommend iPhone 5 to some people especially if they are clearly entrenched in Apple's walled garden and/or need something that is drop dead stupid simple to use and can accept the limitations of IOS.
Other things to consider on the Note 2... you can add your own SD card, Quad core processor, HUGE 3100mAh battery that charges remarkably fast, 2 gig ram, S-Pen, Open file system, Google Now! and Google Nav with maps that actually work, run concurrent apps on a split screen, LED notification indicator, a real notification screen that is infinitely flexible, widgets, bluetooth that can work with devices such as OBD sensors for cars, etc, etc, etc.
Anyhoo, enjoy your phone whatever decision you make. You won't go far wrong with either device. I'm certainly enjoying my Note 2. Cheers!