Google Notebook is now up. It works similar to what I expected. Does the work like clipmarks but in a much cool manner. Moreover, Google Search Engine has been leveraged in a good fashion.
Installation is very simple - you need a Google Account ( your gmail account will do ). In mine case - as soon as I logged in - it asked for downloading a Firefox extension. This was done in seconds. Next time when Firefox was opened, it had a small Notebook icon towards the right bottom corner.
Working with it is Simple - mark anything in your Firebox / Browser and click -> notebook icon -> Add Note. You are done. While searching with Google, it shows - "Note this" hypertext under each hit.