I have never used it but on the Custom send page in the blockchain.info wallet a box appears that says:
"Public Note"
Mouse over says:
"Add a note to this transaction which will be viewable on blockchain.info"
Also in the box it says:
"This message will be permanently embedded in the blockchain. Anyone can read it."
I just sent some BTC to see what it looks like. The transaction should be:
http://blockchain.info/tx/6bdde96ab3a680bfd028d21dd7d23c57bbc7c789c3eebc4e4d4b61e12481be93But I do not see the note.