When an action has a note, it could be useful to have some visual cue to make it easier and faster to read the note. This is an action with a note as it is now:
My proposed solution where clicking the paper icon would open the note
I think notes can be more useful than adding a comment action, but the fact that there's no visual cue, makes it less appealing to use (to me, at least).
Would this be something you could implement, @peternlewis ?
I had a similar thought with plug-ins and submacros. When you share a macro to the forum that relies on either of these things, it would be very handy to have a note in the action that leads to a download page, in case the user does not already have them in their system.
Yes, any visual cue for this kind of thing is always helpful, both for ourselves and when you share macros, especially because some notes are action-related and having them as a general comment at the top, would make it more difficult to understand
I completely agree with this request - it'd be great to make them easier to see and get to. I know I'd use them a lot more than I do now.
Technically, there is a visual indicator, but it's shared with a dozen other things. (The Action menu is only blue when modified, and if the only change is a note, well, there's your visual. The problem is that nearly all my action menus are blue from other changes :)).
-rob.
Noted.
(see what I did there?).
I don't think this is "a thing" when it comes to the cog wheel icon turning blue.
Look at this one where I disabled the "Notify on Failure" option:
Still gray.
But even if it turned blue, it would still be ambiguous. What changed inside?
With the icon makes it obvious. And I agree that I would use this feature more if I knew there was an icon to show me which actions have notes and that I just need to click the icon to see the note.
Now that @peternlewis has "noted", let's wait and see 
Hmmm, I guess I remembered wrong ... I don't know why some are blue and some are not.
-rob.
It's probably one of those things that are random. maybe there's no real reason why some are gray and some are blue...
See: Pay Attention to the Gear Icon
The gear menu is blue if the action has extra selections in it (above and beyond the normal ones), or if a custom note has been set.
It doesn't reflect the state of the Failure options.
Hey, I was partially right! 
-rob.
This would be a very nice feature!