Just tested out the Sketch application for annotation of a western blot on the iPod Touch. Verdict: Not so easy to write text or small symbols. Also it was impossible to do one handed, as the touch slid around the desk. Would need some sort of rubber mat to put any small device on to provide enough traction for one-handed operations.
On the bright side, it should be a fairly easy task to alter this app for putting in text and small oft-used symbols (like arrows).