A great price for a limited time, this was a lot more a while ago. App rated 4 stars and I think it was around $3 too.
It's a note taking app, create your own books, write, draw, etc.
Here's a couple of reviews:http://www.tipb.com/2010/07/12/penultimate-ipad-app-review/http://arstechnica.com/apple/reviews/2010/05/review-penultimate-puts-multiple-notebooks-on-your-ipad.ars
and here's the blurp from appshopper.com
*HOLIDAY SALE* The best-selling handwriting app for iPad. You'll get the fast, tactile gratification of writing on paper, with digital power and flexibility. Take notes, keep sketches, or share your next breakthrough idea -- in the office, on the go, or home on the sofa.
ESSENTIAL, EASY TO USE, BEAUTIFUL
Penultimate stands with the core productivity apps on your iPad. Every detail of the user interface has been designed and refined to be simple and intuitive - no complicated or cluttered settings.
UP AND RUNNING
When you first open your new copy of Penultimate, you'll find a "welcome" notebook that will walk you through all of the major features. You'll be scribbling and whizzing through your pages and notebooks in no time.
Your handwriting and drawing look spectacular in bold gel ink. Choose from three carefully crafted, surprisingly realistic pens, including a fine point that lets you write as small as you need. Write in colors or stick with classic inky black. Different photorealistic paper choices are available, along with a magic eraser tool that's always the right size.
KEEP IT TOGETHER
Store your thoughts in separate, named notebooks for each topic, project, or category. Penultimate can manage as many notebooks as you can create, each with an infinite number of pages. View your list in a classic notebook carousel -- or sort and scroll in a fast grid view. You can browse quickly through all pages, or insert, delete, duplicate, and reorder them.
Beneath its graceful exterior Penultimate is a powerful application. Our superior inking technology produces pen strokes that you might think look better-than-real. The pioneering automatic Wrist Protection mode prevents many stray marks from appearing on a page. Penultimate knows the importance of data integrity; you can use a single button to export all of your notebook files to iTunes for backup.
PENULTIMATE MEANS BUSINESS
Send single page images or full notebooks in PDF format to anyone. Collaborate with your colleagues by exporting and importing Penultimate Notebook files directly via email or iTunes File Sharing. Whether you're in a conference room or classroom, you can use the iPad VGA Adapter to share your notes on a screen or projector, as your audience follows along with your work in real time.
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