That's what I do exactly, not with this one (I got the Zagg folio for my Air) - I type much faster so take notes in a mind map application which allows me to draw and moves things around easily with my finger on screen, and then auto exports the notes to outline/text form. This one looks quite nice, more in line with the Apple styling.
There's definitely value to adding a keyboard to the iPad (mine jumped in usefulness with the keyboard), perhaps a MacBook hybrid in the future where the screen is a full sized (or Pro?) iPad but you have the keyboard available when attached??