Seems very similar to Evernote, but missing two key things:
1 - Evernote's OCR tagging. If you take a picture, Evernote will scan it and make all of the text in the photo searchable. This is excellent for notes, receipts, business cards, etc, because you can search ANY text from the photo and find it.
2 - Evernote syncs to your PC, Mac or the web. While I love to capture using the iPhone when I'm out of the office, I'd hate to have to read everything on it when I'm sitting at my desk. This also provides a nice back-up for all of your info.
Plus, Evernote is free! Am I missing something with all-in-notes?