The Collaborative International Dictionary of English v.0.48:

Notability \Not`a*bil"i*ty\, n.; pl. Notabilities. [Cf. F.
   notabilit['e] .]
   1. Quality of being notable.
      [1913 Webster]

   2. A notable, or remarkable, person or thing; a person of
      note. "Parisian notabilities" --Carlyle.
      [1913 Webster]

   3. A notable saying. [Obs.] --Chaucer.
      [1913 Webster]

WordNet (r) 3.0 (2006):

notability
    n 1: a celebrity who is an inspiration to others; "he was host
         to a large gathering of luminaries" [syn: luminary,
         leading light, guiding light, notable, notability]