At long, long last. I’ll be kicking the tires on this over the coming week.
Update: Works OK for notes and to-dos, but unfortunately makes a complete hash of contact photos - it will show the ones you already have loaded in Exchange correctly, but editing or adding new ones results in the photos being added inline to the notes field, which makes it impossible to sync contact photos properly via ActiveSync or Blackberry. I really wish they’d sort this out, since photos have become de rigueur in address books - our brain is much better wired for recognizing faces than names, and I happen to have entirely too many contacts with similar names.