My understanding is that Notes are backed-up onto your Mac, but there is no way of accessing them via an application. These seems a bit bizarre to me, but is supported by your experience.
Some people are suggesting that one workaround is to create a contact called '1 Notes' which will appear first in your alphabeticalised list and you can add the notes field to this fake contact. A bit of a bodge, but there we have it. Hopefully this will be sorted with firmware 2.0.