On another note the app seems to get heavier and heavier each update, it takes as long to launch as MS Word on my Mac.
I can see tons of arguments for going premium, too. Going paperless would push you over 60MB in a heartbeat. People who travel might want offline access. You can also get note versioning. This one's actually cool: they provide PDF search, which is sweet because most PDF searching and organization apps suck (please don't mention Papers).
[Note: I am not an Evernote employee. Just someone who's used it since 2009 for everything.]
Mind if I ask why not? I'm a big fan, though I admit it's a bit niche. It only works well for academic papers, really.
For more general PDF organisation, have you tried Yep? It's been a few years since I've used it, but seemed to work well.
That said, I did pay for it for the year hoping that it would encourage me to use it (better organizing my work-life seems like a problem worth solving) - it just didn't...
But what really got me using evernote is the combination of Fuji Scansnap + Evernote. Now any important mail or receipts I need archived I just scan them and they're in evernote forever.
And their iPhone app is a life saver, anything I need on the go, I retrieve from evernote. Forgot my health card? No worries it's scanned and available on my phone via evernote.
I love the product, but yeah it still boggles me why they need so much money and how you can build a big company from such an inexpensive product.
Their 60mb/mo free offering is much more capacity than I actually use though, so I've never needed to upgrade. But I totally would if my needs increased or if they had to lower their free tier allowance to stay viable.
Evernote already has a large number of paying users who trust them enough to keep this type of notes with them using things like evernote hello, evernote food, etc.
Why isn't this considered absurd? What a joke!
In addition, they have Evernote apps for almost every major platform  (Mac, Windows, browser plugins for Chrome, Firefox, and Safari, plus iPhone, iPad, Android, Blackberry, WP7, and webOS). If you're not on any of those platforms, or those apps aren't installed on the machine you're using, you can ALSO use their web interface.
All of that is supported by a ridiculous server infrastructure. They jumped from 4M to 10M users in 10 months [2, 3], and that was 2011. They're now at 34M users. 
Evernote users aren't just tweeting back-and-forth, either. They're saving PDFs, uploading scanned notes from class, searching through OCRed image results, clipping web pages, etc. That all requires tons of storage, as well as the infrastructure to retrieve and back up that storage as quickly and reliably as possible.
Soooooo yeah they're a pretty big deal. 4 engineers for a native app is an understatement--between product managers, designers, front-end work, back-end work, and ops team, you're probably looking at a 12-18 person team per serious app. Possibly more, if it's popular (like iOS or the web interface).
EDIT: estimated 20-30 person teams, but that's a bit much. Probably less than that
Your post is the business equivalent of a developer saying "I could create a stackoverflow clone in a weekend."
2) Building out a kick-ass enterprise sales force
3) Global expansion
5) Liquidating existing investors
Its architecture applied to any data store (books, websites, articles, thoughts, poems, art, jokes), with easy storage, easy tagging and easy retrieval, makes for an excellent thinking tool.
I'm a fan.
That is why Evernote is worth so much. Few, if any, other products can make that claim.
Well said. My experience has been the same.
Would love to see a proper, long writeup of how this works in practice.
It wouldn't be an issue if it was infrequent, but this is a weekly problem with multiple OSX and iOS clients (maybe not on Windows?).
I never like to see a company change behavior like this right before an IPO.
Thus it takes only one disgruntled employee or motivated cracker to make many people very, very unhappy.
And I just search for things when they're needed. It's like Google, but instead of searching for information out there in the world, it finds information related to my personal life.
But do you really want me to enumerate the list of things that OrgMode can do and other guys don't ? :-)
(Esp. for me its ability to do integrated Calendaring, Task Management with Time tracking is priceless. I haven't seen anything that even comes close to that functionality. Commercial or Free.)
Hope that helps.