A couple readers have commented on seeing a "Notes" section in their Google Reader ... and I also see it (and have for quite a while, but had little interest in playing with it since I had Notebook). Now, I've been messing around with it somewhat, and it is certainly not a complete Google Notebook replacement by any means.
It does allow you to save some Google Reader items into this "Notes" area and add text if you'd like ... or for that matter, you can simply add a text note by itself quite easily.
In addition, you can add a Java script Link in your "favorites" and have a button to click to "add to notes" when browsing other sites. Each note is defaulted to become a "Shared items" which I consider a bad move. However, you can override this default.
I can probably used this Notes function in Reader for some of my prior Notebook functions ... but right now, it's just not a good replacement. I guess the real question is whether this can or will be developed to integrate some of the Notebook functionality??? Thoughts?