I would +1 the ability to store my notes locally, with an optional sync to Google Docs or even your own server

I've logged your feedback, thanks!

Be aware that the "fully encrypted on our server" path is still not going to satisfy many customers. At the least, many of them (like my employer) would want to insist on a "bring your own key" ability, and would ask a lot of questions about where your keys are stored, who has access to them, and what you have the ability to do.

Besides all of that, though, the "store files locally" option gives me the option to put those files anywhere, including in various cloud storage accounts of my own to share with other people, thus giving me a lot more flexibility and control over with whom and how I share meeting content. That might really be the better way to go.

I agree with your analysis, but I think there is significant impact on features you can build on top of "store files locally", including collaborative features (sharing meeting notes without too much frictions) On a personal note, I prefer the locally stored path as well.

Consider that if you were selling an email product customers like this would demand local storage for that too.

The market for people and large companies who have already gone full Google Apps is huge. Focus there.