I've bought the M92 as a replacement for pen and paper myself.
I've been using high-end tablets and convertibles for years, in an effort to use them to replace pen and paper, but after all these years I can say that, at least for me, TFT devices are no viable option replacement for two reasons:
The eye strain which comes with a TFT and prevents you from reading books and your own notes comfortably
and, more importantly,
The battery life is unbearably short
On the other hand, the M92 appears to be a technically less fancy device but, imho much better suited to serve as a pen-and-paper replacement. It's only black and white and the rendering quality is mediocre, indeed, but if my main intention is to make notes and recall them at any time, that's good enough for me.
With regard to the "stylus stops working frequently" issue, for which I've also created
a thread, Booxtor told me that this is in fact not supposed to happen and I consquently sent in the device for him to have a look.
I agree that if this issue was persistent, writing could become more than an annoyence by itsself - but if this is indeed a bug which can be fixed, I find the M92 very handy for a pen-and-paper replacement.