Having used the Note 2 for sometime for a test drive, I am disappointed with the following:
-Fingerprint magnet! And the plastic all over the body scratches too easily.
-S-Pen is very fiddly and feels cheap.
-Camera isn't in the top tier of quality for photos compared to Nokia and Apple.
-The biggest thing: The PPI is too low. The quality is VERY apparent compared to other 300+ PPI phones.
-Still has that Android lag once in a blue moon especially when I dig into the settings app.
-The home button isn't as satisfying to click as say...the iPhone.
-16GB internal storage is ridiculously low for the price.
-The multi-window trick is very overrated. Only works with a handful of apps. (Sucks that I can't Skype on one half of the phone and browse the internet on the other)
I think the size is fine. The flip cover accessories are good (wish Apple had it).
As someone who owns the phone, I don't agree with a lot of these points.
Titanium grey is not a fingerprint magnet. Looking at mine right now there's little dust sitting near the top of the screen, no visible fingerprints. To be fair I have a screen protector which reduces fingerprints, they are more visible without one and I wouldn't recommend getting the phone without a protector.
S-Pen is fine, not sure what feels cheap about it. Of course they made it with light materials because it is supposed to weigh the phone down as little as possible.
Camera is very close to the top tier, people claim how amazing the iPhone 5 camera is (I know Nokia is better) but if you actually compare the photos even in low light there isn't a big difference ... the Note 2 has way cooler camera features such as the solarize filter that outweighs it IMO.
Saying the PPI is VERY noticeable compared with other phones 300+ simply isn't true. Do you hold the Note 2 six inches from your face? If so, that's the problem here. Unlike the iPhone you aren't supposed to hold this device right up to your nose to see what's on the screen. There's other problems with having a screen higher than 720p at this point .... I won't get that into it but the main concern is battery life. There's a reason why the Note 2 pwns in battery life and the 720p screen has a lot to do with that, so if someone would rather trade this screen for worse battery life then there's plenty of devices to switch to for that.
I haven't had lag on it personally. The point about the home button is just silly.
Multi window is what it is, if you don't have a use for it, that's okay. I would rather have it than not because it's useful to have youtube or browser open while messaging or emailing on the fly. Also 16GB is low but the only thing that's ridiculous is being able to put in a 64GB card for under 50$ which brings your total to over 70GB.
