It removes the gaps between pages vertically, but it's not an infinte canvas horizontally like OneNote. You also can't place text in arbitrarily-placed text boxes wherever you like.
I've been using Pageless for a few days. It replaces a fixed page width with dynamic horizontal width adapting to window size, with a viewer-defined maximum width by right-clicking the unmarked horizontal ruler. I find this to be a useful feature for the most part, though it's unfortunate that showing the outline makes the room leftover for text narrower.