honestly dude,
I went through this obsessive search for the best electronic note taking process.
and the ipad does not beat pen and paper when it comes to taking notes at school.
it just doesnt. This is because inherently, the iPad when used as a handwriting notetaker, is an imitation. It's an imitation of pen and paper.
When used with a keyboard, its an imitation of a laptop with microsoft word and even then, it's not better than simply getting a notepad (or printing out the power point slides for lectures) and jotting down notes, arrows to ideas, diagrams...
It is much much more efficient to do that manually still.
If you want paperless, scan it/take a picture using your iphone and send to evernote.
Now relating this to me, I am now studying post graduate by correspondence. All materials are sent via PDFs - barely any lectures. In this situation, the iPad beats paper hands down - no need to print 50 page PDFs again and everything is synced through dropbox (including minor pdf annotations and highlights). But during the few days a module that I do have to go to a lecture, paper still beats iPad.