It depends on your preferences (and budget, since the Note 8 is considerably more expensive). The right choice for one person could be the wrong one for someone else.
The Essential is smaller, more stipped-down. The Note is bigger, more bells-and-whistles (hardware and software). If you need the S-Pen, really want the biggest screen you can get, can't live without a headphone jack, microSD slot or IP68 certification, or are not prepared to take a chance on a new company, then get the Note. If you want a more manageable size, more streamlined software, a more individual piece of hardware, faster software updates(*), then get the Essential.
For me personally the size settles it: the Essential is about the size of a traditional 5.1" phone, the Note is about the width of a traditional 5.5" phablet and significantly taller. That rules the Note out of consideration for me, but for other people it might be precisely why they would prefer it. So the question is, what are
you looking for in a phone?
(*) OK, we obviously don't know how quickly Essential will deliver software updates, only what they've promised, and there have been plenty of companies who have made promises they've not kept. But we
do know Samsung's record, so I reckon it's unlikely that Essential won't be quicker at delivering updates.