No, it doesn't convert to text. It is more like a real live notepad. You can draw and write with it and then it syncs with Evernote up to the cloud. No handwriting recognition or anything like that. I think the new Thinkpad tablets have that, though. You can read the reviews on it if you want to. I like it for taking notes and highlighting my books, though....Skitch is more for drawing.
Now, with Evernote, you can type your notes, yes.