I'm afraid I am too lazy to write a complete review of Penultimate, and after all since it is now free, it's easy to just try it and decide for yourselves. My general impression is that it's a nice app, but it doesn't offer much that others don't have, except for the handwriting recognition on Evernote. If it works with your handwriting (it doesn't on mine, of course), it could be very useful. The indexing is done by Evernote, so your notes have to be transferred to Evernote first, but after the indexing is finished the search works offline too.
Also, the handwriting engine is very fluid and responsive, but tends to smooth out the dots on the i's, and it doesn't really look like my handwriting, but it remains legible. By me at least.
There is no wrist protection but the app recognizes my wrist and mostly I can write with my wrist on the screen. Unfortunately there are glitches and unexpected results, and the wrist sometimes leaves small marks on the page. That's not a big problem when writing on a blank page (I can just erase the marks), but when annotating an existing page it can be.
Apart from the handwriting recognition, this app is very similar to Bamboo Notes, but the wrist recognition works better in Bamboo.