I _really_ like this update. It is, nearly, what Id like as an ink note supplement for Evernote. You can input your Evernote credentials, and then you can very easily and quickly export a highly legible version of your SpeedText ink note into Evernote, which looks lovely in Evernote (and, I think, can be parsed by Evernote so you can search your fulltext--though Evernote does a terrible job with my scrawly handwriting).
Its interface is nicer, IMHO, than TanzakuPad, and its exported text is much more legible (again for me) than the text from Dan Bricklins (very innovative and very nice) Note Taker or TanzakuPad.
However, there seems to be a bug with the scrolling, at least on my iPod Touch 3.x: sometimes Ill seem to reach the end of the "pad," and just grey space will show below the input pad. If I continue to enter text and export the image, that text shows up on the exported image (but not on the SpeedText screen). This happens at various lengths of "pad," and its not quite clear to me whats happening. On the plus side, you dont lose any text with this bug. On the down side, though, it is distracting to try to enter text "blind."
Overall, though, in my view, if you like to take ink notes and use Evernote, you really should give this program a try. It is the best of the bunch right now, IMHO.