Samsung Galaxy Note- Can it replace your tablet?

I am little embarrassed!  I consider myself a pretty tech savvy guy.  Keeping up with the new mobile apps and phones on the market i should already know the answer to the question" can the galaxy note 2 replace my tablet". Needs: SMALL (7.9 inches or less)PORTABLEFASTABLE TO MULTITASKKILLER GRAPHICS (1080p min)HDMI OUT Simple list right?  Oh yes forgot the most important thing price.  $700 is the Max I am willing to pay. So any of my readers have suggestions?  Anyone own a Galaxy Note 2?  If i am looking in the wrong direction comment and let me know what i should spend my money.