Evernote for iPhone 2.0 has this situation covered, by using "Favorites" you can selectively choose the content you want stored locally on your iPhone. To leverage the Favorite functionality:
- Open the note you want to store as a favorite.
- Touch (select) the "circle-star" in the upper left corner, when selected the icon turns blue - placing the note in your favorites folder and hence, stored locally on your iPhone.
- To see you favorites, select the "Favorites" icon from the menu bar. (Note - the new note is placed at the bottom of the list by default).