Try it, it's incredibly effective.
The problem with Moleskines is that they got too popular, so they keep switching around the source for their paper; while earlier (circa 2005) Moleskines had paper that fountain pens wouldn't bleed through, later ones of the exact same type do have paper that fountain pens will bleed through.
http://en.wikipedia.org/wiki/Parker_Vector
The only disadvantage is that the ink stays water-soluble after it dries.
I'm increasingly writing things down on paper then snapping a pic with my G1.
It's just a handy way to capture stuff that is less likely to get lost.
It's great. Nicest thing to write in I've ever owned. I just wish I could explain more precisely why.
edit for typos
Though I no longer use a pen at work ... I use coloured textas! [2]
[1] http://www.scribd.com/The-Cookie-From-the-Cookie-Jar-2008/d/... [2] http://www.shirlawsonline.com/blogs/136-the-big-picture-show...
Writing your code this way encourages a "write as you would speak" tone in the resulting code, better decomposition, and better documentation. It also means that each line gets reviewed from a fresh start at least twice before making it to the computer.
The biggest problem comes when you're working with a large API you don't know well; you're frequently forced to experiment with it in a manner that this sort of batching doesn't really handle well.
Also, it has the plus-side of being 'interesting'. People are attracted to scribbles they understand them - but crack open your laptop in a pub or cafe and people will assume that you're a rabidly, uninterruptibly busy, professional. And hell, maybe you are, but whose day isn't brightened by someone asking them what they're so engrossed in?
I'll probably stop doing that once someone writes software that can replicate this workflow and integrates with presentation software.
I've tried to just draft stuff in a text editor but it doesn't work the same.