I see the Galaxy Note as a portable information appliance that just happens to include a phone app.
If you carry your phone in the pocket of your skinny jeans then clearly none of the modern Android devices is for you. They all have a screen size of at least 4.65".
If, however, you wear looser fitting casual pants it's easy to fit devices larger than an iPhone. If you live in a cooler climate where outerwear is a necessity most of the year then you likely have even larger jacket pockets available for your phone.
If you typically carry a purse or other bag then size isn't an issue. Heck many of you claim an iPad is portable.
Is it too big to use as a phone? That depends.
How often do you really use your mobile phone as a phone? Don't you use it for messaging, browsing and gaming far more than for actual voice calls?
Earbuds and bluetooth earpieces are a viable option for the ever shrinking portion of the population that still uses lots of minutes.
I have relatively small hands, but I'm looking forward to trying the Galaxy S III and Note II.