Sorry for the delay in replying. This is (from what I have learned) correct. Samsung are aware of the emmc brick bug being triggered on stock firmware from factory resets. Take phone to service centre, say you factory reset (from settings menu on ICS) and take it from there. If they can resurrect the phone and have a look, worst case is that they refuse the warranty claim. You will be in the same situatuion i.e. dead phone in need of repair.
Definately worth a shot as it has worked for others.
Galaxy Note N-7000 & Galaxy Ace
Waiting for official Note Jelly Bean and CM10 for galaxy ACE (Jellaxy)