Just replaced my Arc with a Samsung Note. Could not resist the allure of trying out what you call a Phone/Tab hybrid 🙂
My phone seems to have origins from Romania based on the CSC code, and the update for the ICS was not available as yet for that CSC code. Was about to change the CSC code when i came across several forum articles where the ICS update for the Galaxy Note has a serious bug for some firmwares that it can brick (make your device not usable). The issue is not due to the flashing but after you flash and try to do a factory reset.
In case you have updated to the said firmware versions, avoid doing the factory reset and wait for a new version.
The firmware versions impacted seems to be ZSLPF and XXLPY.
Check out the xdadeveloper forums for the eMMC bug and the http://ykkfive.blogspot.com/2012/05/galaxy-note-official-ics-zslpf-and.html#.T889TbD9OJg.
More details on the bug, which also seems applicable to some other Samsung devices, see the forum response http://www.sammobile.com/forum/showthread.php?t=5843
Samsung has finally accepted that there is a fault with the update, and have informed people from refraining updating their Galaxy Note (and some variants of the Galaxy SII). See http://www.gsmarena.com/samsung_responds_to_galaxy_s_ii___note_emmc_bug_problem-news-4394.php
How to find if your phone has the faulty eMMC unit
Seems like a kind person has written a software, not guaranteed to detect all faulty units, but seems to be pretty updated on identifying the faulty eMMC units. Check the good friends at XDA http://forum.xda-developers.com/showthread.php?t=1693704 for the APK to test your device.
Will post an article after using the device for a while shortly 🙂
UPDATE – JULY 2012
Samsung just released the Android 4.04 update for the Galaxy Note, and it fixes a lot of bugs that were with the 4.0.3 release, and also improves the performance of the phone (it had gone down from the Gingerbread version in the ICS 4.0.3 release). In addition some cool features have been introduced, including the pop up video playback feature that was exclusively available only for the S3 until this update rolled out! However there is no formal information if the brick bug has been fixed, but i did a factory reset on a device and did not have any problems. However the brick bug does not effect all phones, hence this is not a confirmation that the brick bug has been fixed.
Some details of the new features of the 4.0.4 update for the Galaxy Note http://www.allaboutgalaxynote.com/top-10-new-features-in-galaxy-note-after-ics-update/