This application is VERY basic, and the interface isn't much fun to work with. We are talking bare bones here.
I have struggled with a Memo solution, since I use iCal and Address Book. I don't want to have to open Palm Desktop just for memos, especially when it sucks at it.
Solution? An app I already have on my computer, and that is currently free until the next major update: iData Pro. Formerly known as QuickDex from years gone by, it's a flat file DB that is great for dumping text into. I keep everything in there, and it's super quick at looking stuff up. Not the fanciest note app out there, but it does a good job. Moreover, it has a Palm Conduit and Palm app! So I don't actually use the Palm Memo app at all. I have iData for the Palm, and can search/edit multiple iData Pro files right on my Treo.
If iOrganizer ever gets a Palm conduit that links it to the Memo Pad, I might make the switch. Until then, it's the best thing going.