Combined w/ MobileOrg sync and the MobileOrg app, it serves all of my note-taking needs quite well.
It's much more than dumb text, too, like Evernote. Structured documents with headers, markdown-like formatting, links, fast-capture templates for stray thoughts, an Agenda system (if you want it, you don't need to use it, I do and have it sync w/ my Google Calendar), exportable to HTML and a few other formats (some people even maintain their websites using org-mode).
Keywords for marking entries and a good search system (combined with Helm it's pretty amazing).
Property drawers for entries.
It's a swiss army knife of productivity applications and I use it for note taking, documents, journaling (with automatic GPG encryption of the entry body), my agenda, quick-capture of ideas, tasks, etc... I use it for grocery lists even.