lets be honest... once you get over the "i feel like a dork" hurdle using your note in public, there is nothing to admire about a phone with a smaller screen
When the next samsung flagship is released we will have to wait 2-4 months. Then we will have the Note II or what they are going to call it. But the Note is a bigger succes then they expected, so we might see 5.0" + phones from HTC, Motorola, LG etc. And maybe even apple. So lets wait and see. But I know that it will be very hard to use a samller screen once you have owned this phone.
Apart from not wanting a smaller screen (using my old Galaxy S just to get files off of it confirms that I couldn't go back to a smaller screen), I actually use the s Pen a lot more than I thought I would.
I use it often, every day, for taking notes, playing games, cropping photos etc. Doing these things with a finger would be a lot less accurate.
I find it a lot quicker to take handwritten notes in Freenote, than typed text notes using an onscreen keyboard.