We have heard reports that a close to finished version of iOS 5.1 has been leaked into the wild, and we’ve seen a few new features, like the new camera button on the lock screen and Japanese supported in Siri. It seems another feature may have been leaked. Looking at this screenshot from iPhoneHellas, it would seem that the Notes app in iOS 5.1 is getting an update.
It looks like the Notes app could be getting Rich Text Formatting, with bullets and numbering, underlining, bold text, colour text, links, and more. This would be a welcome feature to the native Notes app, and would save us from looking for alternatives.