Wrist protection doesn't work for me, so, Note Taker HD.
Wrist protection doesn't work for me and that's probably the main reason I use Note Taker HD. You can do all your writing at the bottom of the screen, thereby allowing you to rest your hand harmlessly on the iPad's bezel. Your handwriting can be positioned easily anywhere in the document, and even if you write big in the editing panel the resulting text in the document can be as small as you want (microscopic, even!). It also has an extremely useful auto-advance feature.
Using Note Taker HD I can write very quickly, small and legibly. I use it for notes and mathematical work and even draw diagrams (with the help of an invention of mine, a thin-bit-rigid metal "bridge" that spans the screen which I use to rest my drawing hand on. Notes can be tagged.
The developer, Dan Bricklin, is the real thing; he co-wrote VisiCalc, the first spreadsheet for personal computers, more than 30 years ago. He seems to be very committed to the app.
What it doesn't do? Type-written text, picture import, audio. It doesn't do cut/copy/paste either, but that may change in a future update.
If Dan Bricklin can get cut/copy/paste into Note Taker HD, I for one will be a very happy camper because as far as I can tell this functionality is absent from all current handwritten note-taking apps on the iPad. (Happy to be proved wrong). :)