It's supposed to give users a way to add notes to their files, but in reality this application is just a quick way to create a text file of the same name. File Note is added as a new context menu option. When you select it, it automatically creates a Notepad file named the same as the selected file.
To be fair, the operation was speedy and effective, and the newly created text file was conveniently saved in the same location as the source file. However, because the note isn't integrated with the file itself, you'll have to take an extra step if you want to share your notes when you send the file to others.
Most users probably won't think too much of this simple application, and even its freeware status doesn't add much to its allure.