Since I just found out about this app, I am not too knowledgeable about it, however I do like the price. I see a lot of possible potential in this app.
The main benefit of this app is that students can create their own notebook, and then password-protect it. This way they can go back to this notebook on a specific iPad and have nothing to worry about. Students can also share their notebook pages to dropbox and e-mail to the teacher.
Below are some screenshots as I began to explore this app.
Have you used any e-notebook apps that's you've had success with for multiple-students use?
Update (2-14-13): Unfortunately this app is back up to $4.99 in the App Store.