Lab notebooks are great. I love them (and pens, and pencils, and, well... just geeking out at office supply stores).
But I switched to cloud-based documents for a few reasons: full text search, access from any (networked) computer, and I can type a lot faster than I can write. I am also able to keep a semi-useful GTD thing going just by using folders and documents on Google Drive. I recently discovered that drawing inside a Google doc isn't too bad and LucidChart is pretty cool too.
There are downsides from the perspectives of security and accessibility, for sure. And there's a tactile immediacy to writing on paper. So there will always be a place for paper and pencil in my world. But for storing and accessing the stuff that has left my scattered brain, it's hard to beat online technology.
"Don't tell me I'm burning the candle at both ends -- tell me where to get more wax!!"