I remember when I studied for my M.Sc. and all the notebooks and pens I used, making notes was very important for me and helped me remember things better. And it still is, I have used OneNote for a few years and been satisified with that, but the new OneNote is so great.
Imagine that you are a student and listening to a lecture; you write your notes down (even cooler if you as a student can afford a Tablet-PC and use handwriting), draw your sketches and graphs, organize it all by moving the objects around (that part was tricky with pen and paper :-), use the builtin calculator, organize it all in nice tables, recording audio or even video and why not take photo with your mobile phone and send the images over to OneNote using Bluetooth.Then when you get home you have it all indexed and easy to find; text, images and audio is searchable!
So congratulations to all of you students out there - stand in line to get OneNote, whenever it comes out on the shelves - or why not try out the beta and help Microsoft improve it even more.
The only negative thing I have to say about OneNote is that why does not it have the nice new Office 2007 Ribbon? Read more about the Ribbon in Jensen Harris excellent Office UI blog.