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Livescribe is pretty cool: ties audio recording to notes on the page, so you can jot down the key stuff, and when you point the pen at that point it cues up the audio recorded at the time. Being able to tag/bookmark key stuff is ace, no need to scan through the whole recording to find the bit you want.
IRISNotes takes a different approach, and digitises your handwriting, so if you're neat enough it can convert straight to text. That said, if you're neat enough you can just scan handwritten notes and OCR them just as well.
Dragon is probably the best voice recognition package going (but comes at a price). I know a lot of people swear by it (for disability access as well as it makes writing easier if you suck at typing). You have to train it a little for best results, but as far as I know you can have multiple profiles set up. I don't know if that means two of you could dictate at once.
A lot of people just take notes on a laptop these days.
What will work best for you depends on how you work best.