Re: Android here I come
As far as I'm aware from playing with one in a shop, you can draw to your heart's content, but there's no handwriting recognition.
I could get the Notes app to let me doodle, or write notes - but it wouldn't turn them into text. And the pencil only worked as a totally pointless pointing device in Email and Safari.
I'd be delighted to be corrected if I'm wrong. Because the one consistent thing I've wanted for my iPad all along has been a stylus. Onscreen keyboards are rubbish for anything more then tapping out a line or two of text.