Functionally, it works fine - but my handwriting is terrible and its actually much faster for me to just thumb-type on the iPhone. I think with a stylus, and probably on the iPad, this would be a much more useful app.
To be honest - the fastest "handwriting recognition" system ever created was the now forgotten "Graffiti" system on Palm devices circa turn of the century". I got fast enough with Graffiti to actually take notes in a meeting - it worked great precisely because it forced some conformity in the input and didnt waste RAM and CPU cycles trying to "recognize" your handwriting. For those too young (or old) to remember, Graffiti forced you to "print" in a sort of block-letter shorthand. Took very little effort to learn and was very effective. It also used very little screen real estate because you wrote" every character in the same small box. It was one of those great technologies that just didnt make the transition into the 21st century.
But I digress.
I mostly dropped the 6 bucks ($5 for the app, and another buck for the Evernote add-in) because Im an Evernote freak and wanted to make sure I wasnt missing an opportunity to use Evernote for yet one more thing it wasnt intended to be used for ;-)
MooKahn about Smart Writing Tool - 7notes Premium