Wouldn't that only be effective insofar as initial recall goes? If the handwriting is illegible and you don't remember something, then you've missed out on everything that you can't remember. Digital notes may make you miss more on the first pass, but at least you'll have material to study.
75% of the value of notes is it helps me keep focused. My mind wants to wander away ("that reminds me of...") - 10 minutes latter I realize I've been daydreaming about some camping trip years ago and I have no idea what the lecture is about anymore. Taking notes helps me focus by giving me a goal: what about the lecture is important enough that I want to write it down. Sometimes I review my notes latter, but generally I find it isn't worth the time.
