the system needs its own app storage and 2gb is a lot. and you have the option to put it on your internal storage which isn't even needed but its there
and your iphone advertises and does provide 32gb nothing ever said you have access to all that. My external HD advertised at 3TB but i have access to 2.72gb. the storage needs that 280gb to itself to store information to help it communicate properly and efficiently. and the % is closer to 90% of advertised storage is yours
You're conflating a couple of issues here. When you're talking about your 3TB hard drive, the issue is that it is three trillion bytes, or 3TB. To be precise, your computer reports its size in "binary" or multiples of 1024 bytes, so one TiB (binary terabyte or tebibyte) is actually 1099511627776 (2^40) bytes, and one GiB (binary gigabyte or gibibyte) is actually 1073741824 (2^30) bytes. Where it gets confusing is that if you open up Windows Explorer or whatever and ask it for your drive capacity, it is reporting to you that you have 2.728 TiB of space, but it incorrectly displays that as 2.728 TB. You have the same issue with SD cards: my 32GB SD card shows in my android system properties as 29.81GB, but what it means is 29.81GiB.
The second issue is that your Note has 16GB of storage (probably NOT GiB). Of that, some 2GB is partitioned for the system and another 2GB is set aside for apps/data, leaving you with about 12GB of space in /sdcard for whatever you want. The iPhone has this issue too.
As other people have said, 2GB is an absurdly large app partition. I can't imagine filling that up. And as for the 12GB user-accessible data, if you were really expecting 16GB and that is a problem for you, then go buy a 64GB microSDXC card or a stack of 32GB microSDHC cards and be glad you didn't pay $200 for 48GB of storage like you would have with an iPhone.
Edit: I feel like I should weigh in on the processor issue too. I haven't felt that the Crapdragon has been a huge bottleneck for my phone. It's nowhere near as smooth as my Exynos GS2, but the latter is rooted and running a custom kernel with tweaked settings to my liking. I'm sure once people have decent ROMs and kernels running then the Note will be perfectly usable.