I find most phones and phablets a little too tall for me to read comfortably on. But if you were ok with the aspect ratio of the Nexus 7 and didn't mind reading on LCD then you should be pretty happy with a Note.
The one thing I would worry about is hand grip. Since phones have so little bezel compared to tablets, you pretty much have to hold the entire phone in one hand, and the Note is too big for me to hold it comfortably for long periods.
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