The Notes app is the built-in way to take notes, draft memos, jot down thoughts, and otherwise record text on your iPhone, iPod touch, and iPad. As apps go, Notes is bare-bones. You can enter and edit text, look for replacement words, and get definitions, sync between iOS, Mac, and iCloud.com, and even control Notes via Apple's virtual personal assistant, Siri, but that's about it. Previously you could change the font but that went away with iOS 7. However, iOS 8 will be bringing a few new features, including support for rich text — bold, italics, and underline — as well as the ability to insert pictures.
For now, this is everything you can do with Notes for iOS 7, but we'll be updating for iOS 8 as soon as its released so keep checking back!