I can't imagine why anyone would handwrite notes when they could type them. But, I type much faster than I write, and like ucfgrad93 said, I can read them later, and they are searchable.
Since I am attending DeVry Uni online, I print everything to PDF - text and lectures - and pull up that class's folder for fast searching during exams. It works quite well for me.
I also take my 17" MBP to church where I can access various Bible translations and text while taking notes. I am the only one who does it at the moment. But our pastor and worship leader both use iPads. 🙂