You bring up a good point. I should clarify that my idea was based under the assumption it was an issue report. With that the issue is the line item and it sounded like everyone wanted to see the issues. It was just if people wanted to see just the issue description, the last note, or all the updates.
If you use a Note report, it would be a combination of filters and views you would use. However, for the person who just wanted to see the issue description, they might see multiple descriptions. You'd have to play around with the filters a bit to get that part figured out.