In fact Notes should be like wiki's - this would make it more open and allows to copy/paste pages from Notes into other Wiki-implementation and vice versa.
Examples of missing functionality: I-frames allowing to include You-tube video or other, include audio. Missing the insert picture button. Simply: Make Notes a wiki format where you can toggle between preview/rich-text/html-code. It should also be possible to go into a wiki-mode view allowing a thought based wiki presentation view.