Very promising, but not ready yet
Sadly, I cannot get synchronisation with the iPhone to work at all. Consequently I have no way of copying the notes into other apps on the phone.
The Reminders app both on the phone and the watch remains ignorant of notes I have made. Location Notification on the phone finds my zip code on a map, but nothing more - there is no confirmation message when I have added the address, so I think the information is not getting through. I was not notified when I reached my address, even though notifications were turned on. I am hoping this is a correctable glitch.
Using the Reminders app on its own, you can do this kind of note entry already with just one screen press more. With one press less you can do the dictation using One Press. For me, the wNote compromise would be perfect if it worked, particularly as you can add it as a Complication to the watch faces.