They could even implement a differential update mechanism, just encrypt the deltas before uploading. (After careful review, since that might introduce some sort of crypto weakness.) I'd even be satisfied if some of the metadata wasn't encrypted.
Otherwise, I don't feel comfortable in having a detailed, personal, life journal. I want something I could access from various devices and record internal thoughts, while minimizing the possibility of anyone including close friends, getting access.
OneNotes default appears to be "hey, we'll drop this, unencrypted, in your Live sign-in default storage".