I'm really loving Workflowy. Next killer feature: sharing sublists with someone else. That would be the killer todo list app!
I have linked to another page or perhaps to an Evernote document which is what I used to use for todolists (but their formatting was painful occasionally).
Agreed though, that if they're going to allow notes, the notes should be more full-featured.
(I am co-founder of WorkFlowy)