Notebooking is what I see as a grownup version of Lapbooking. Notebooking is often used for bigger subjects as they are less restrictive in the size of the topic. The pages are done on full size paper (not mini), have various formats with areas for writing, drawing or placing a picture and other information areas like a time-line. They seem more similar to a report format as well.
My eldest son will be working on notebooking pages in addition to the lapbooks since most of the lapbooks will be geared to the younger two children. He will also be expected to write more of his information and work on learning the folds and cuts for the mini-books. Most of his pages will be included in an extra flap of his lapbook. There will be the occasion that he is studying an extra subject that will be notebooked, we will include those in a separate notebook through out the year.