It will also sync with your skydrive and OneNote on the PC.

http://blogs.office.com/b/microsoft-onenote/archive/2011/07/26/onenote-mobile-for-iphone-delivers-new-features-and-is-available-in-new-markets.aspx

http://windowsteamblog.com/windows_live/b/windowslive/archive/2011/07/26/connect-your-notes-to-skydrive-with-the-updated-microsoft-onenote-app-for-iphone-available-today.aspx