Not with the onscreen keyboard. If it can use a stylus like the Note then maybe. Although I'd probably go for an iPad 2. It's twice the price (at $399), but will be a lot more usable.
Yeah, with a stylus of course, I was hoping this would be suitable for taking in class notes - a lot of writing equations and whatnot as oppose to typing with the on screen keyboard. The new iPad is $519 for cheapest one. :(
I wouldn't worry about it. I have used several styluses and note-taking apps on the iPad and in the end the handwriting experience is still horrible compared to pen and paper. It's just not happening on hardware that assumes input is coming from a finger many, many times larger than a natural pen point.
iPad is a great buy for lots of reasons but handwritten note taking isn't one of them.