iPhone app - There is no competitor in this area. Mobilenoter and MS's own have been long outdated, they are deprecated now.
Mac app write mode - So no more running OneNote on VMs.
Sound recording from within the app - This is the only thing I see as a cool feature on Evernote right now.
Dropbox sync, when the three apps are ready, so that we're not tied up to Skydrive.
Anyway, this app could mean the real Evernote competitor. It would be an Evernote+Penultimate competitor with all the goodies.
Right now the competition is laughable (Springpad = Pinterest) and I'd rather shell $60-$70 bucks to you guys for the greatest OneNote alternative ever made, than paying Evernote for use of their servers, with so much "free" cloud space is around.