It's apples to oranges because one is a hybrid phablet and the other is a phone with limited tablet functionality. I would almost be willing to bet there are tablet apps that will be available for the Note which wont be enabled for the S3. Right now the Note is more similar to a phone because not many tablet apps exist for smaller screens. But in time tablet app developers will need to go smaller or go home as more compact and cheaper tablets are gaining in popularity.
Samsung Galaxy S3 VS Galaxy Note - YouTube
Sadly the Note was never released complete with apps needed to unleash it's full potential but that will change soon. Those who need or want a stylus, need or want basic image/video editing, tech support staff and merchants who need mobile signature capture are who the Note is best suited for. Everyone else who just wants a high quality camera phone with a good picture for browsing and movies should be thrilled with all the S3 has to offer.
[GALAXY Note] Introducing Premium Suite with Ice Cream Sandwich - YouTube