Evernote has given us a significant upgrade to the iPhone client. Evernote 3.2 for iPhone adds the ability to select folders and store them locally on the iPhone (for premium users), giving you access to your notes when you have no network connection. Notes created on your iPhone in the Evernote client are stored locally by default.
Editing rich-text notes!? ... not quite yet, but in 3.2 you are given the option to append or to "copy", with copy, a text copy of the rich text note is created and you then edit the new text copy. The original rich text note is not lost, it is sent to the trash bin where it can be recovered.
Another new addition is the ability to search while the application is syncing notes, pre 3.2 I found it very annoying.. to launch Evernote with a search in mind, then have to wait for syncing to complete before I could proceed with the search... annoyance fixed! Thanks Evernote. Speed has been addressed as well, launch on my 3GS is now almost instantaneous.
Overall, it looks like a very good incremental upgrade to what I consider an incredible service! Evernote is my brain!