I have been using Microsoft OneNote for a couple of years now as a way to keep track of meeting notes, class notes, research notes, and conference notes. It wasn't until recently I started experimenting with the shared notebook feature that I really started to see the power of OneNote The shared notebook feature allows a teacher to do more than just simply share a notebook with their class, although that in and of itself can be a powerful tool. The shared notebook feature essentially allows you to have one notebook that several others can access at the same time. You can use it as a poor man's wiki, or as a way to show your students proper note taking skills. Either way it is a powerful tool for both teachers and students alike.
There are 2 ways to share a notebook. The first way is the simple shared notebook that is static and sits on a server or shared drive that all parties have access too. The other is a life sharing session that utilizes the internet to have one on one communication. I personally prefer to use the shared notebook that sits on a server (SharePoint) that my students can download and sync up with at their leisure. It allows me to have a class discussion about a topic or project and take notes live then distribute these note to them without having to hand out. It cuts down on the amount of paper used as well as takes care of those students who "forget" to bring their notes to class. I have found the live notebook feature is too much for middle school students to handle without some ground rules and practice but can be utilized with older students and faculty very easily. Check out the attached video for how to information as well as some more ideas on how to use this till in the classroom.