I used to take notes on paper, but have been using my smartphone with a mind mapping app for a few months. I always have it with me, and it's easy to take out to quickly jot down a note, look up an unfamiliar acronym or technology so I can better follow a discussion, or refer back to an email thread to answer a question, then put it right back away.
I think that last part is important to not be disruptive or get distracted. I have one germane purpose for taking my phone out, I accomplish it, then put it right back. If you can't discipline yourself enough to keep to that rule, you should stick to pen and paper.
That's also why I think laptops aren't as well suited for meetings. It's more difficult to discreetly keep opening and closing the lid, so people tend to just leave it up in the most prominent place in their field of view, making it very difficult to put it out of their mind.
As a final note, if you're consistently having problems with people using electronic devices in meetings for unrelated reasons, that's a pretty good sign the meeting isn't effective. I've found that if everyone who is there has a good reason to be there and actively participate, those sorts of problems almost never happen.