I used omnioutliner for all my class notes, and simply condensed those into my outlines for the finals. Omnioutliner has its upsides and drawbacks.
Things I liked about it:
-easy to take notes right into outline form
-exports to Word in Office 2004 for sending notes to other people
-the space between lines in outliner is smaller than say MS Word, so your outline/notes will be half the length of your classmates'
-the ability to drag sections of your notes and rearrange them is gold.
-ditto the ability to nest/hide child sections. e.g. you can have the summary of the case as the top layer and the facts/ph/issue/reasoning hidden when you are doing your outline.
-if you took your notes right, collapsing all the nested rows will show you the skeleton outline of your course.
Things that suck:
-lines are kinda close together, may be hard to read in an open book exam
-similarly, the indent for child levels are small, making the document look congested compared to an MS Word doc.
-it really really blows when you need to print out your omni document and have no way of connecting to the school's intranet/internet, thus forcing you to convert the file into rtf, transfer it onto a usb drive, and then print it in the computer lab.
Btw I never learned to use the finer points of omnioutliner, just the bare basics.