I got both and I don't like either. I prefer Noteshelf.
My favorite note-taking app however was uPad, but since they still haven't made it compatible with the new iPad I've been considering a permanent switch to Notability.
I'm sure that uPad is compatitable with the third generation iPad since all iPad apps are compatible with the third generation iPad. Perhaps optimized is the word your looking for? Two completely different things.
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I got both and I don't like either. I prefer Noteshelf.