They lost the plot when they suddenly reduced the number of devices for the free tier. There was a time when iCloud wasn't reliable. When that improved, Notes became a simpler free alternative.
They lost the plot when they started selling Evernote-branded socks (and other accessories). No bugs smashing, better search or faster/more reliable sync: flush with VC money, the smart guys at Evernote decided that Evernote-branded socks was what their users really wanted. I still have a few Evernote-branded Moleskine notebooks lying around. They came with a 3 month voucher for Evernote Premium, I think. Anyway, hea…
And an Evernote branded physical note has to be some kind of ironical statement. I'd hang on to that as a memento.