I think S Note is part of the new software package coming with the 4.0 software update, which isn't available yet here in the U.S. I wasn't aware it was going to have handwriting recognition built-in.
Right now all we have is S Memo with an option to export as pdf, so I guess you could externally use Adobe for the OCR function.
I spent a few minutes playing with the S Memo app and I am not impressed. The biggest problem for me is if you touch the screen with your finger or side of your hand, it reads that and puts marks on the screen. I have a Lenovo Thinkpad Tablet and it uses a different stylus technology (Wacom?) so it only reads the stylus in well-written apps. So you can rest your hand on the screen and write in a more natural feeling way.
With the Note, I am trying to write without letting my hand touch the screen and my handwriting looks terrible. Even with a grid background, it is extremely difficult for me to write a line of text on a straight line without it drifting up. My penmanship is typically pretty good, but based on what I see on the screen of my Note, I think handwriting recognition software would have a hard time reaching a high accuracy rating.
The Note looks useful for quick things like adding a note to a photo and the like, but if you are looking for something to take large quantities of notes and then OCR them, I think you will be disappointed.
(Even my Lenovo tablet, which is much more oriented towards writing, is terrible with handwriting recognition, at least in the couple of apps I tried. It would try to do it in real time and change things as you were writing them. After playing with it a little, I turned it off. Fortunately, handwriting recognition wasn't important for what I wanted to do.)