If you're comfortable Rooting it, then yes - it has a same basic hardware features that the SGS3 has (although the Note lacks in a few areas compared to the SGS3)
Most of the major advantages the SGS3 has over the Note are software related... once rooted, and a newer ROM installed, it would be a better phone than the SGS3, IMHO.
CMOS sensor on the SGS3 is better than the CCD sensor on the Note - both 8 MP, but CMOS takes the best picture.
Both have a dual core 1.4Ghz processor. (NOT the same processor, but the specs are similar in that regard)
SGS3 has a higher ppi (306?), but Note (285) has the larger resolution. (800 x 1280 px for the SGS3, vs 720 x 1280 px on the Note)
Note has a front 2.0 MP cam, the SGS3 has a 1.9. (no big deal there, really)
It boils down to a personal choice, really... I take it. I like the bigger screen on the Note. lol