I'd like to redefine \caption* as
\renewcommand{\caption*}[1]{\vspace{\abovecaptionskip}\caption*{\textbf{Note:} #1}\vspace{-\abovecaptionskip}}
but keep getting an error when I try to compile. My work-around is to just define the new command \floatnote and use that instead of \caption*. It's a perfectly fine work-around, but I'm left with the question:
Q: Why doesn't the above \renewcommand code work?
\documentclass{article}
\usepackage{booktabs}
\usepackage[margin=10pt,font=small,labelfont=bf,labelsep=colon,tableposition=top,figureposition=bottom]{caption}
%\renewcommand{\caption*}[1]{\vspace{\abovecaptionskip}\caption*{\textbf{Note:} #1}\vspace{-\abovecaptionskip}}
\newcommand{\floatnote}[1]{\vspace{\abovecaptionskip}\caption*{\textbf{Note:} #1}\vspace{-\abovecaptionskip}}
\begin{document}
Lorem ipsum dolor sit amet. Lorem ipsum dolor sit amet.
\begin{table}[h]
\centering
\caption{Lorem ipsum dolor sit amet. Lorem ipsum dolor sit amet.}
\begin{tabular}{ll}
\toprule
foo & bar \\
\midrule
baz & qux \\
\bottomrule
\end{tabular}
%\caption*{Lorem ipsum dolor sit amet. Lorem ipsum dolor sit amet.}
\floatnote{Lorem ipsum dolor sit amet. Lorem ipsum dolor sit amet.}
\end{table}
Lorem ipsum dolor sit amet. Lorem ipsum dolor sit amet.
\end{document}

\floatnotemethod, mentioned above, and not go down this road. – lowndrul Feb 08 '12 at 18:38