Evernote's release is not likely to cause any app stampedes. While the application itself is satisfactory for capturing ideas, the biggest flaw in most memory-based tools isn't the app, but rather the human beings using them. For those of us who can't manage to remember a simple address, idea or number, we're unlikely to remember to open up an application and make a note of our observations on the fly. However, if you anticipate the need to remember longer details and lists, these tools can be useful for capturing recipes, product model numbers and shopping lists.

While competitors like Reqall also combine voice, email and photo functionality, Evernote is perhaps best known for its partnership with receipt scanning company Shoeboxed. In the past, personal inventory companies have attempted to use mobile bar code scanning technology with mixed results. The Evernote/Shoeboxed partnership offers an easy mail-in solution for scanned receipts and is particularly useful for those looking to keep track of tax write-offs, travel expenses and inventory.

Competitor 3Banana takes a more social approach as a note taking company. Launched early this year, 3Banana touts a simple Twitter-like interface and users share their notes, photos and links via Twitter, Facebook and email from their iPhone or Android phone. This approach also employs hashtags as labels. If you're keeping notes for a collaborative project, this might be the more convenient choice to capture your ideas. If your notes are meant for personal private consumption, Evernote or an old fashioned pen and paper are still probably your best bet.