I like this idea from wprecipes.com. It is a very lightweight solution.
add_shortcode( 'note', 'sc_note' );
function sc_note( $atts, $content = null ) {
if ( current_user_can( 'publish_posts' ) )
return '<div class="note">'.$content.'</div>';
return '';
}
It allows you to use the [note]...[/note]
shortcode to enter private comments.