An update to my previous note, with the caveat that Samsung needs to lay off the crack pipe! In order to get the Action Memo feature us diehard Note fans cannot live without, this is what worked for me:
1) Evidently, using Smart Switch when I upgraded Note 5 to Note 7 did a crappy job with installing S Note (or an incorrect version was installed, who knows);
2) I uninstalled S Note from my phone altogether (notes remained in my phone memory though);
3) Went to Google Play Store and REINSTALLED S Note to my Note 7;
4) Waited about 90 seconds after opening S Note for all the appropriate notes stored on my phone to be imported into S Note (this was automatic, I didn't tell it to do a thing);
5) I installed or reinstalled the Extension Pack for S Note which there is a link to from S Note under the 3-dot thingy, and then "More features," which comes from the Galaxy Store;
6) Went to main section of S Note and clicked on the icon with Up Arrow inside a small Orange Circle and there is a button for "Action memo," go figure.
What sucks is I've yet to find a way to get the "Action memo" into an S Pen Shortcut (Settings, S Pen, Air command, Shortcuts) the way it is on the Note 5. One can make "S Note" a Shortcut, but NOT "Action memo." Another workaound I could find is the silly S Pen widget which has a small icon on the end of the bar to get directly to Action Memo.
Why on earth Samsung hides stuff and makes a customer go through hoops for a feature that is like so friggin' part of why Note is Note is insane, so tweeting them now and asking they provide "Action memo" under "S pen features" Shortcuts: @SamsungSupport, @SamsungMobile, and @SamsungMobileUS #Note7