I was thinking about this. Two days before the AT&T Note 2 was released, I put in an order online, but somehow the order didn't go through. I ended up deciding against purchasing a new Note 2, and thought about waiting for refurbs to come out, which I estimated to be several months away. The S3 refurbs were out for $29.99, and I couldn't resist. I was tired of using an old iPhone 3G, was was quite slow, and didn't want to wait for Note 2 refurbs (I'm on a budget). With the $270 I'd save by buying the S3, I could buy a Nexus 7 (have phone+tablet with change left over) or have a Samsung Chromebook, or a hell of a lot of accessories with spare change.
I really don't regret this decision about buying an S3 in lieu of a Note 2 because I'm not a power user. I use my phone for calling, checking email/weather, some web browsing, occasional games (Angry Birds), some picture taking, low volume texting. Maybe I use the phone at most 30 min/day. I'm usually near a desktop computer which I prefer over any phone or tablet for web surfing/online banking/texting (use Google Voice)/email. Yes, the Note 2 is a superior phone to the S3, in my opinion. I don't think I'd use the stylus much. I don't think the bigger screen would make a huge difference to me. When I see the Note 2, I do have some lustful feelings. However, given my usage patterns, the S3 works well.
On a side note, I'm about 90% satisfied with my S3 except the battery drain issue. I'm getting a replacement next week to try out, but I think this is of an inherent problem with the S3. I can deal with it by rebooting my phone when I get home from work, which seems to be when and where the drain occurs.