With the rumors and leaks lending strong indications that we’ll see some sort of rich text functionality for Notes in iOS 5.1, developer Ryan Petrich decided he doesn’t like waiting.

As a result, Rich Text For Mail — a tweak dedicated to adding rich text support to Email — has been updated to support Notes as well.

The good news is that you no longer have to wait for iOS 5.1 to receive a feature that may or may not be included with the final build…

…the not so good news is that the tweak will set you back $4.99. That’s pretty steep, especially if you don’t plan on really using it. It’s pennies for those who live an die by rich text functionality, though.

We already did a walkthrough of Rich Text For Mail, and this update is exactly the same as what we reviewed then, the only difference is that you can now do everything you could do in the Mail app in the Notes app as well.

Are you happy you don’t have to wait until iOS 5.1 to receive this functionality? What do you think?