Notebook manufacturer Moleskine has released a completely new journaling app to replace their previous (very low rated) app, simply called "Moleskine". It's called Moleskine Journal and it's absolutely free.
When coupled with a stylus, it can become a decent handwritten notes app that does not require you to spend a single cent.
Moleskine Journal is quite packed with features. It includes support for Evernote and also has Dropbox backup.
When you first open it, you see a set of assorted, untitled Moleskine journals on shelves. All have different kinds of pages like Plain, Ruled, Storyboard, Squared etc. You can create more if you like and you can pick from various page types.
Moleskine Journal provides you with a set of stationery equipment: a pen, a pencil, a paintbrush, a highlighter, an eraser and scissors to snip and move around what you write. You can actually mix up any color you can imagine for use with any of these tools. The app also provides a text input feature. You can tap a button and start typing anywhere.
Moleskine Journal is not really an amazing app by any means. The inking quality is only subpar. It does not allow you to place your hand on the screen as you write, which is a big feature-hole (as evident from my bad handwriting above). But this may possibly be added in later on. You cannot compare the experience and the quality of the overall app with something like Penultimate. But it is quite usable nevertheless.
And it's free - with no in-app purchases.
You can give it a spin yourself. Download Moleskine Journal here.