I've been using Google Docs for my note taking and have been very happy with it, but the news I've heard about suddenly closed accounts with no recourse for recovery make me skeptic of its long-term viability.
The one thing I'd miss about shifting to a local note taking program is just how easy it is to share / collaborate Google Docs with people. Click one button and there's a URL for it anyone can view or potentially edit, served instantly through their fast servers.