Having been an Evernote user for the last year or so, I'd say it can be (almost) whatever you want it to be.
I use it for recording notes, snippets, bookmarks and yes, todo lists. Use the 'insert checkbox' option (ctrl+shift+c) and there you go, an instant todo list. Coupled with notebooks and tags it's pretty flexible.
Each to their own 'n all that, but it works well as a task manager for me.