Before I had my nokia e61 - I had a treo 650 - this used to synch with outlook, - contacts, diary and notes. Any notes I created on the treo appeared in outlook and any I created in outlook appeared in the treo.
When I installed the PC suite - I had about 10 notes in outlook, those all copied across - no problem. So it clearly does synch. HOWEVER - any NEW notes I create do not appear - it's still just the 10 notes that were there before I installed the PC suite and started using the E61.
(those are the actually NOTES you can create in Outlook rather than notes attached to contacts).