O2 UK said the recall is happening but while their legal team advises against keeping the phone (covering their own back) you can keep the phone if you want until the new devices come in, but also should you have any concerns with the device between now and the new batch comes in the return offer still stands.Which Carrier are you on? I'm with Telus, and their official statement says it's not voluntary. They recommend turning in the Note ASAP, and either getting a loaner until the replacement arrives, or swapping to a different phone.
so while they are saying it is a recall and the devices will be recalled it is up to the end user if they want to keep hold of the device or not, but I'm still yet to see a UK phone go pop so to me it seems a fairly safe option to hold on to it until the new batch comes in.