Just changing fields of the record does not seem to make a change when I am testing, but re-assigning the record will.
The Notes displayed in the "social pane" include the name of the last user to modify them, not the creator (for whatever reason).
If user A creates a record, and B adds a Note to it, it will display B's name.
If C edits the record, the Note is unchanged and shows B's name.
If D assigns the record to E, then the cascading behaviors in the relationship between the parent entity and the Note will also re-assign the Note to E.
Any user viewing the record will see that D was the last to change the Note, since they caused it happen.
You can modify the cascading relationships so that the Assign action does not cascade down to Notes (likewise other records such as Activities, if you choose).
Hope this helps.
Adam Vero, Microsoft Certified Trainer | Microsoft Community Contributor 2011
UK CRM Guru Blog
