Time stamp on Notes
In Outlook itself I can hide the Status Bar via Tools-> Status Bar. It still shows when I open a Note.
How can I remove the Status Bar there?
That’s a funny question, as I think the option to toggle that on and off is probably in the top 10 of "most hidden or wrongly placed options in Outlook." 
You can find the setting in Tools-> Options…-> tab Other-> button Advanced Options…-> option; When viewing Notes, show time and date.
In my opinion a more intuitive location would be in Tools-> Options…-> Note Options… but they didn’t do that. Don’t ask me why 
Update: Outlook 2010
In Outlook 2010 they’ve finally placed in a much more logical place;
File-> Options-> Notes and Journal-> Show date and time that the Note was last modified
The Notes option to show time stamps or not was quite out of place.
