(EDIT: cancel that, I'm an idiot. I just found a big honking "Find Tags" button right on the main ribbon that I'd completely overlooked before.)
I never understood the appeal of storing the entire freaking notebook in a single file either. When I started using onenote, I used the webcam recording feature as a sort of video diary, and this completely broke down my backup scripts (I put everything on amazon s3, which doesn't support diffs.)
/ end rant
Back to your comment, I don't quite understand what you mean by the online spreadsheet integration. Could you elaborate? I mean, the contacts integration with Outlook is pretty cool, but is virtually useless with anything else in the universe. What is the advantage here?