I guess a lot depends on what you're looking for. I personally like tablets because I get more content on my screen than I do with a phone and I can still read it or see it without zooming all over. With a phablet I would like the same thing, just appropriate to the screen size. I had a hard time accepting the proportions of the Note 4 when it wasn't giving me more content than the S5 I used to use was, I started asking, "what's the point?" I don't personally need larger content, I want more content and less zooming/scrolling to see said content.
If you're in the camp that doesn't care about more and wants everything larger so it's easier to read, the Note 4 is going to be perfect for you. That just isn't me, however. Also, judging by the popularity of the DPI adjustments made to Note series phones by those that root, I'd say I'm not alone in this.