As a part of the Evernote family in the latest version, your Skitch drawings will be saved in a Skitch folder on Evernote that syncs to your computer and other devices. This is certainly handy for cross-platform syncing, but there are some drawbacks. As a school teacher pointed out when I read the user comments in the App Store, requiring students to register with Evernote in order to use the app makes it useless in a iPad-enabled children's classroom setting. It's a worthy point because in this new version, the only way to save your work is if you are signed in. On the other hand, for personal use, the syncing power of Evernote means being able to pick up where you left off on other devices.
A couple of other changes will also be jarring for people who used the previous version. There is no longer the capability to show a satellite- and map-view hybrid, so even though you get an easier interface experience in the new version, you also lose features you once had. There is also no way to name drawings on the iPhone while you can on the iPad. This seems to be a huge oversight on Evernote's part because it will make it difficult to search for annotated images once you have several on your iPhone. Even on the Evernote Web site, you are unable to edit titles.
Nevertheless, Skitch remains a useful tool for making quick annotations on your iOS and other devices, and the interface enhancements make it easy to use the simple tools to create comments and notes on images. If you want an easy way to express an idea visually, Skitch is a simple and free option.