diff --git a/app/static/css/v2/base.css b/app/static/css/v2/base.css
index 24d7a48..3ea15e2 100644
--- a/app/static/css/v2/base.css
+++ b/app/static/css/v2/base.css
@@ -1892,3 +1892,90 @@ tr:hover .row-actions {
 .md-content th { background: var(--bg-tertiary); font-weight: 600; color: var(--text-primary); }
 .md-content a { color: var(--accent); text-decoration: none; }
 .md-content a:hover { text-decoration: underline; }
+
+/* ==========================================================================
+   INBOX PAGE - Two-Pane Layout & Inspector
+   ========================================================================== */
+/* Icon buttons for Inspector action bar */
+.btn-icon {
+  display: inline-flex;
+  align-items: center;
+  justify-content: center;
+  width: 32px;
+  height: 32px;
+  padding: 0;
+  font-size: 16px;
+  background: var(--bg-elevated);
+  border: 1px solid var(--border-default);
+  border-radius: 6px;
+  cursor: pointer;
+  transition: all var(--duration-fast) var(--ease-out);
+  flex-shrink: 0;
+}
+
+.btn-icon:hover:not(:disabled) {
+  background: var(--bg-overlay);
+  border-color: var(--accent);
+}
+
+.btn-icon:disabled {
+  cursor: not-allowed;
+}
+
+/* Content switcher (Summary vs Transcript) */
+.content-switcher-btn {
+  padding: var(--space-2) var(--space-4);
+  font-size: 0.8125rem;
+  font-weight: 500;
+  color: var(--text-muted);
+  cursor: pointer;
+  border: none;
+  background: none;
+  border-bottom: 2px solid transparent;
+  transition: all 0.15s;
+}
+
+.content-switcher-btn:hover {
+  color: var(--text-secondary);
+}
+
+.content-switcher-btn.active {
+  color: var(--accent);
+  border-bottom-color: var(--accent);
+}
+
+/* List item selected state with accent border */
+.list-item.selected {
+  position: relative;
+}
+
+.list-item.selected::before {
+  content: '';
+  position: absolute;
+  left: 0;
+  top: 0;
+  bottom: 0;
+  width: 3px;
+  background: var(--accent);
+}
+
+/* Dropdown menu */
+.dropdown-menu {
+  background: var(--bg-surface);
+  border: 1px solid var(--border-subtle);
+  border-radius: 6px;
+  padding: var(--space-2);
+  box-shadow: 0 4px 12px rgba(0, 0, 0, 0.3);
+}
+
+.dropdown-item {
+  padding: var(--space-2);
+  cursor: pointer;
+  border-radius: 4px;
+  font-size: 0.8125rem;
+  transition: background var(--duration-fast) var(--ease-out);
+}
+
+.dropdown-item:hover {
+  background: var(--bg-elevated);
+}
diff --git a/app/static/js/v2/app.js b/app/static/js/v2/app.js
index 82cc7a5..d7c7a6b 100644
--- a/app/static/js/v2/app.js
+++ b/app/static/js/v2/app.js
@@ -154,7 +154,7 @@ document.addEventListener('alpine:init', function() {
     /**
      * Note list component
      */
-    Alpine.data('noteList', function(initialNotes, initialTagFilter) {
+    Alpine.data('inboxView', function(initialNotes, initialTagFilter) {
         return {
             notes: initialNotes || [],
             selectedId: null,
@@ -162,6 +162,18 @@ document.addEventListener('alpine:init', function() {
             searchQuery: '',
             tagFilter: initialTagFilter || '',
             loading: false,
+            knownProjects: [],
+            
+            init: function() {
+                // Load known projects
+                var self = this;
+                fetch('/v2/api/projects')
+                    .then(function(res) { return res.json(); })
+                    .then(function(data) {
+                        self.knownProjects = (data.projects || []).map(function(p) { return p.name; });
+                    })
+                    .catch(function(err) { console.warn('Failed to load projects:', err); });
+            },
             
             get filteredNotes() {
                 var filtered = this.notes;
@@ -225,6 +237,113 @@ document.addEventListener('alpine:init', function() {
                     .finally(function() { self.loading = false; });
             },
             
+            // Inspector Actions
+            openAudio: function() {
+                var note = this.filteredNotes.find(function(n) { return n.id === this.selectedId; }.bind(this));
+                if (note && note.audio_url) {
+                    window.open(note.audio_url, '_blank');
+                }
+            },
+            
+            openNote: function() {
+                var note = this.filteredNotes.find(function(n) { return n.id === this.selectedId; }.bind(this));
+                if (note) {
+                    window.location.href = note.link || ('/v2/note/' + note.id);
+                }
+            },
+            
+            copyTranscript: function() {
+                var note = this.filteredNotes.find(function(n) { return n.id === this.selectedId; }.bind(this));
+                if (note && note.transcript) {
+                    navigator.clipboard.writeText(note.transcript)
+                        .then(function() {
+                            console.log('Transcript copied to clipboard');
+                            // TODO: Show toast notification
+                        })
+                        .catch(function(err) {
+                            console.error('Failed to copy transcript:', err);
+                        });
+                }
+            },
+            
+            downloadTranscript: function() {
+                var note = this.filteredNotes.find(function(n) { return n.id === this.selectedId; }.bind(this));
+                if (note && note.source === 'registry' && note.transcript) {
+                    window.open('/v2/api/registry/' + note.id + '/download/transcript', '_blank');
+                }
+            },
+            
+            copyBreakdown: function() {
+                var note = this.filteredNotes.find(function(n) { return n.id === this.selectedId; }.bind(this));
+                if (note && note.content) {
+                    navigator.clipboard.writeText(note.content)
+                        .then(function() {
+                            console.log('Breakdown copied to clipboard');
+                            // TODO: Show toast notification
+                        })
+                        .catch(function(err) {
+                            console.error('Failed to copy breakdown:', err);
+                        });
+                }
+            },
+            
+            downloadBreakdown: function() {
+                var note = this.filteredNotes.find(function(n) { return n.id === this.selectedId; }.bind(this));
+                if (note && note.source === 'registry' && note.content) {
+                    window.open('/v2/api/registry/' + note.id + '/download/note', '_blank');
+                }
+            },
+            
+            // Project assignment
+            assignProject: function(projectName) {
+                var note = this.filteredNotes.find(function(n) { return n.id === this.selectedId; }.bind(this));
+                if (!note || note.source !== 'registry') return;
+                
+                var self = this;
+                var projects = projectName ? [projectName] : [];
+                
+                // Optimistic update
+                note.projects = projects;
+                
+                fetch('/v2/api/registry/' + note.id + '/projects', {
+                    method: 'PUT',
+                    headers: {'Content-Type': 'application/json'},
+                    body: JSON.stringify({ projects: projects })
+                })
+                .then(function(res) { return res.json(); })
+                .then(function(data) {
+                    self.toast('Project updated');
+                })
+                .catch(function(err) {
+                    self.toast('Failed to update project. Please try again.');
+                    console.error('Project update error:', err);
+                });
+            },
+            
+            createAndAssignProject: function(projectName) {
+                var note = this.filteredNotes.find(function(n) { return n.id === this.selectedId; }.bind(this));
+                if (!note || note.source !== 'registry') return;
+                
+                projectName = (projectName || '').trim();
+                if (!projectName) return;
+                
+                var self = this;
+                
+                // Add to known projects
+                if (!this.knownProjects.includes(projectName)) {
+                    this.knownProjects.push(projectName);
+                }
+                
+                // Assign the project
+                this.assignProject(projectName);
+            },
+            
+            toast: function(msg) {
+                // Simple toast notification - TODO: Implement proper toast UI
+                // For now, just log to console as a placeholder
+                console.log('Toast:', msg);
+            },
+            
             // Format helpers for templates
             formatDate: function(d) { return window.formatDate ? window.formatDate(d) : (d || ''); },
             formatDuration: function(s) { return window.formatDuration ? window.formatDuration(s) : (s || ''); },
diff --git a/app/templates/v2/inbox.html b/app/templates/v2/inbox.html
index ff4de2a..a7f87b1 100644
--- a/app/templates/v2/inbox.html
+++ b/app/templates/v2/inbox.html
@@ -8,7 +8,7 @@
 {% endblock %}
 
 {% block content %}
-<div x-data="noteList(window.__inboxNotes, window.__filterTag)">
+<div x-data="inboxView(window.__inboxNotes, window.__filterTag)">
     
     <!-- Page Header -->
     <div class="page-header">
@@ -60,10 +60,10 @@ <h1 class="page-title">Inbox</h1>
         </button>
     </div>
     
-    <!-- Split View: List + Detail Preview -->
+    <!-- Split View: List + Inspector -->
     <div class="split-view" style="height: calc(100vh - 240px);">
         
-        <!-- Note List -->
+        <!-- Left Panel: Note List (Selection Only) -->
         <div class="split-primary">
             <div class="panel" style="height: 100%; display: flex; flex-direction: column;">
                 <div style="flex: 1; overflow-y: auto;">
@@ -92,33 +92,21 @@ <h1 class="page-title">Inbox</h1>
                     
                     <template x-for="note in filteredNotes" :key="note.id">
                         <div class="list-item" 
-                             style="position:relative;"
                              :class="{ 'selected': selectedId === note.id }"
-                             @click="select(note)">
-                            <div class="list-item-content">
+                             @click="select(note)"
+                             style="cursor: pointer;">
+                            <div class="list-item-content" style="flex: 1;">
                                 <div class="list-item-title" x-text="note.title || note.filename || 'Untitled'"></div>
-                                <div class="list-item-preview" x-text="note.preview || note.filename || 'No content'"></div>
                                 <div class="list-item-meta">
-                                    <span class="status-dot" :class="note.status === 'completed' ? 'active' : note.status === 'failed' ? 'failed' : note.status === 'processing' ? 'processing' : 'pending'"></span>
-                                    <span x-text="note.status"></span>
-                                    <span>·</span>
-                                    <span x-text="timeAgo(note.processed_at || note.created_at)"></span>
-                                    <template x-if="note.duration">
-                                        <span>· <span x-text="formatDuration(note.duration)"></span></span>
-                                    </template>
-                                    <template x-if="note.mode">
-                                        <span>· <span x-text="note.mode.replace(/_/g, ' ')"></span></span>
+                                    <template x-if="note.projects && note.projects.length > 0">
+                                        <span>
+                                            <span class="text-xs" style="color: var(--accent);" x-text="note.projects[0]"></span>
+                                            <span> · </span>
+                                        </span>
                                     </template>
+                                    <span x-text="timeAgo(note.captured_at || note.processed_at || note.created_at)"></span>
                                 </div>
                             </div>
-                            <a :href="note.link || ('/v2/note/' + note.id)" 
-                               class="btn btn-secondary btn-sm" 
-                               title="Open note" 
-                               @click.stop
-                               style="flex-shrink:0; padding: 6px 12px; font-size: 0.75rem; gap: 4px;">
-                                Open
-                                <i data-lucide="arrow-up-right" style="width: 12px; height: 12px;"></i>
-                            </a>
                         </div>
                     </template>
                     
@@ -126,7 +114,7 @@ <h1 class="page-title">Inbox</h1>
             </div>
         </div>
         
-        <!-- Preview Panel -->
+        <!-- Right Panel: Inspector (Primary Control Surface) -->
         <div class="split-secondary">
             <div class="panel" style="height: 100%; display: flex; flex-direction: column;">
                 
@@ -134,14 +122,17 @@ <h1 class="page-title">Inbox</h1>
                     <div style="flex: 1; display: flex; flex-direction: column; justify-content: center; align-items: center; text-align: center; padding: var(--space-8);">
                         <i data-lucide="file-text" style="width: 40px; height: 40px; color: var(--text-muted); margin-bottom: var(--space-3); opacity: 0.5;"></i>
                         <p class="text-sm text-secondary" style="margin-bottom: var(--space-1);">Select a note</p>
-                        <p class="text-xs text-muted">Click on a note to preview its contents</p>
+                        <p class="text-xs text-muted">Click on a note to preview and manage it</p>
                     </div>
                 </template>
                 
                 <template x-if="selectedId">
                     <div x-data="{ 
                         get note() { return filteredNotes.find(n => n.id === selectedId); },
-                        loading: false,
+                        viewMode: 'summary',
+                        showProjectDropdown: false,
+                        showMoreOptions: false,
+                        newProject: '',
                         get rendered() {
                             const c = this.note?.content || '';
                             if (!c) return '';
@@ -158,60 +149,151 @@ <h1 class="page-title">Inbox</h1>
                         }
                     }" style="display: flex; flex-direction: column; height: 100%;">
                         
-                        <!-- Preview Header -->
-                        <div class="panel-header" style="gap: var(--space-3);">
+                        <!-- Inspector Header with Actions -->
+                        <div class="panel-header" style="gap: var(--space-3); border-bottom: 1px solid var(--border-subtle);">
                             <div style="min-width:0; flex:1;">
-                                <h3 class="text-md font-semibold" style="overflow:hidden; text-overflow:ellipsis; white-space:nowrap;" x-text="note?.title || note?.filename || 'Untitled'"></h3>
-                                <div style="display:flex; align-items:center; gap:var(--space-2); margin-top:2px;">
-                                    <span class="file-badge" :class="note?.status === 'completed' ? 'badge-completed' : note?.status === 'failed' ? 'badge-failed' : 'badge-new'" x-text="note?.status || 'pending'" style="font-size:0.5625rem;"></span>
-                                    <template x-if="note?.mode"><span class="log-mode" style="font-size:0.5625rem;" x-text="note.mode"></span></template>
-                                    <span class="text-xs text-muted" x-text="formatDate(note?.created_at)"></span>
-                                    <template x-if="note?.duration">
-                                        <span class="text-xs text-muted" x-text="formatDuration(note.duration)"></span>
-                                    </template>
-                                </div>
-                            </div>
-                            <a :href="note?.link || ('/v2/note/' + note?.id)" 
-                               class="btn btn-sm btn-secondary"
-                               style="border-radius:6px; gap:var(--space-1); font-size:0.6875rem; padding:4px 10px;"
-                               @click.stop>
-                                Open
-                                <i data-lucide="arrow-up-right" style="width: 12px; height: 12px;"></i>
-                            </a>
-                        </div>
-                        
-                        <!-- Audio Player -->
-                        <template x-if="note?.audio_url">
-                            <div style="padding:var(--space-2) var(--space-4); border-bottom: 1px solid var(--border-subtle);" 
-                                 x-data="audioPlayer(note.audio_url)">
-                                <div class="audio-player" style="border:none; padding:0; background:transparent;">
-                                    <button class="audio-play-btn" @click="toggle()" style="width:28px; height:28px;">
-                                        <i :data-lucide="playing ? 'pause' : 'play'" style="width: 14px; height: 14px;"></i>
+                                <h3 class="text-md font-semibold" style="overflow:hidden; text-overflow:ellipsis; white-space:nowrap; margin-bottom: var(--space-1);" x-text="note?.title || note?.filename || 'Untitled'"></h3>
+                                
+                                <!-- Project Label (Clickable) -->
+                                <div style="position: relative; display: inline-block;">
+                                    <button @click="showProjectDropdown = !showProjectDropdown" 
+                                            class="text-xs" 
+                                            style="background: rgba(99,102,241,0.1); border: 1px solid rgba(99,102,241,0.3); color: var(--accent); padding: 2px 8px; border-radius: 4px; cursor: pointer; font-weight: 500;">
+                                        <span x-text="(note?.projects && note.projects.length > 0) ? note.projects[0] : 'No Project'"></span>
+                                        <span style="margin-left: 4px;">▾</span>
                                     </button>
-                                    <div class="audio-progress" @click="seek($event)">
-                                        <div class="audio-progress-fill" :style="'width: ' + progress + '%'"></div>
-                                    </div>
-                                    <div class="audio-time" style="font-size:0.625rem;">
-                                        <span x-text="formatTime(currentTime)"></span>/<span x-text="formatTime(duration)"></span>
+                                    
+                                    <!-- Project Dropdown -->
+                                    <div x-show="showProjectDropdown" 
+                                         @click.away="showProjectDropdown = false"
+                                         class="dropdown-menu"
+                                         style="position: absolute; top: 100%; left: 0; margin-top: 4px; min-width: 180px; background: var(--bg-surface); border: 1px solid var(--border-subtle); border-radius: 6px; padding: var(--space-2); z-index: 100; box-shadow: 0 4px 12px rgba(0,0,0,0.3);">
+                                        <div style="max-height: 200px; overflow-y: auto;">
+                                            <div @click="$parent.assignProject(null); showProjectDropdown = false" 
+                                                 class="dropdown-item" 
+                                                 style="padding: var(--space-2); cursor: pointer; border-radius: 4px; font-size: 0.8125rem;">
+                                                <span style="color: var(--text-muted);">— No Project —</span>
+                                            </div>
+                                            <template x-for="proj in $parent.knownProjects" :key="proj">
+                                                <div @click="$parent.assignProject(proj); showProjectDropdown = false" 
+                                                     class="dropdown-item" 
+                                                     style="padding: var(--space-2); cursor: pointer; border-radius: 4px; font-size: 0.8125rem; color: var(--text-secondary);"
+                                                     :style="(note?.projects || []).includes(proj) ? 'background: rgba(99,102,241,0.1);' : ''"
+                                                     @mouseenter="$el.style.background = 'var(--bg-elevated)'"
+                                                     @mouseleave="$el.style.background = (note?.projects || []).includes(proj) ? 'rgba(99,102,241,0.1)' : 'transparent'">
+                                                    <span x-text="proj"></span>
+                                                </div>
+                                            </template>
+                                        </div>
+                                        <div style="border-top: 1px solid var(--border-subtle); margin-top: var(--space-2); padding-top: var(--space-2);">
+                                            <input x-model="newProject" 
+                                                   placeholder="New project..."
+                                                   @keydown.enter="$parent.createAndAssignProject(newProject); newProject = ''; showProjectDropdown = false"
+                                                   class="input"
+                                                   style="width: 100%; font-size: 0.75rem; padding: 4px 8px;">
+                                        </div>
                                     </div>
                                 </div>
+                                
+                                <div style="display:flex; align-items:center; gap:var(--space-2); margin-top:4px;">
+                                    <span class="text-xs text-muted" x-text="formatDate(note?.captured_at || note?.processed_at || note?.created_at)"></span>
+                                </div>
                             </div>
-                        </template>
+                            
+                            <!-- Top Action Bar (Icons Only) -->
+                            <div style="display: flex; gap: 6px; align-items: center;">
+                                <button @click="$parent.openAudio()" 
+                                        :disabled="!note?.audio_url"
+                                        :title="note?.audio_url ? 'Open audio' : 'No audio available'"
+                                        class="btn-icon"
+                                        :style="!note?.audio_url ? 'opacity: 0.3; cursor: not-allowed;' : ''">
+                                    🎧
+                                </button>
+                                <button @click="$parent.openNote()" 
+                                        :title="'Open note in full view'"
+                                        class="btn-icon">
+                                    📝
+                                </button>
+                                <button @click="$parent.copyTranscript()" 
+                                        :disabled="!note?.transcript"
+                                        :title="note?.transcript ? 'Copy transcript' : 'No transcript available'"
+                                        class="btn-icon"
+                                        :style="!note?.transcript ? 'opacity: 0.3; cursor: not-allowed;' : ''">
+                                    📋T
+                                </button>
+                                <button @click="$parent.downloadTranscript()" 
+                                        :disabled="!note?.transcript"
+                                        :title="note?.transcript ? 'Download transcript' : 'No transcript available'"
+                                        class="btn-icon"
+                                        :style="!note?.transcript ? 'opacity: 0.3; cursor: not-allowed;' : ''">
+                                    📥T
+                                </button>
+                                <button @click="$parent.copyBreakdown()" 
+                                        :disabled="!note?.content"
+                                        :title="note?.content ? 'Copy breakdown' : 'No breakdown available'"
+                                        class="btn-icon"
+                                        :style="!note?.content ? 'opacity: 0.3; cursor: not-allowed;' : ''">
+                                    📋B
+                                </button>
+                                <button @click="$parent.downloadBreakdown()" 
+                                        :disabled="!note?.content"
+                                        :title="note?.content ? 'Download breakdown' : 'No breakdown available'"
+                                        class="btn-icon"
+                                        :style="!note?.content ? 'opacity: 0.3; cursor: not-allowed;' : ''">
+                                    📥B
+                                </button>
+                                <button @click="showMoreOptions = !showMoreOptions" 
+                                        title="More options"
+                                        class="btn-icon">
+                                    ⋯
+                                </button>
+                            </div>
+                        </div>
                         
-                        <!-- Content Preview (Markdown) -->
+                        <!-- Content Switcher (Summary vs Transcript) -->
+                        <div style="display: flex; gap: 0; border-bottom: 1px solid var(--border-subtle); padding: 0 var(--space-4);">
+                            <button @click="viewMode = 'summary'" 
+                                    :class="viewMode === 'summary' ? 'active' : ''"
+                                    class="content-switcher-btn">
+                                Summary
+                            </button>
+                            <button @click="viewMode = 'transcript'" 
+                                    :class="viewMode === 'transcript' ? 'active' : ''"
+                                    class="content-switcher-btn">
+                                Transcript
+                            </button>
+                        </div>
+                        
+                        <!-- Content Area -->
                         <div class="panel-content" style="flex: 1; overflow-y: auto;">
-                            <template x-if="note?.content">
-                                <div class="md-content" style="font-size:0.8125rem; line-height:1.65;" x-html="rendered"></div>
-                            </template>
-                            <template x-if="!note?.content && note?.transcript">
-                                <div class="text-sm text-secondary" style="white-space: pre-wrap; line-height: 1.6;" 
-                                     x-text="note.transcript"></div>
+                            <!-- Summary View -->
+                            <template x-if="viewMode === 'summary'">
+                                <div>
+                                    <template x-if="note?.content">
+                                        <div class="md-content" style="font-size:0.8125rem; line-height:1.65;" x-html="rendered"></div>
+                                    </template>
+                                    <template x-if="!note?.content">
+                                        <div class="empty-state" style="padding:var(--space-6);">
+                                            <p class="text-sm text-muted">No summary available</p>
+                                            <template x-if="note?.status !== 'completed'">
+                                                <p class="text-xs text-muted" style="margin-top:6px;">Processing not complete</p>
+                                            </template>
+                                        </div>
+                                    </template>
+                                </div>
                             </template>
-                            <template x-if="!note?.content && !note?.transcript">
-                                <div class="empty-state" style="padding:var(--space-6);">
-                                    <p class="text-sm text-muted">No content available</p>
-                                    <template x-if="note?.source === 'registry'">
-                                        <p class="text-xs text-muted" style="margin-top:6px;">Click "Open" to view full details</p>
+                            
+                            <!-- Transcript View -->
+                            <template x-if="viewMode === 'transcript'">
+                                <div>
+                                    <template x-if="note?.transcript">
+                                        <div class="text-sm text-secondary" style="white-space: pre-wrap; line-height: 1.6;" 
+                                             x-text="note.transcript"></div>
+                                    </template>
+                                    <template x-if="!note?.transcript">
+                                        <div class="empty-state" style="padding:var(--space-6);">
+                                            <p class="text-sm text-muted">No transcript available</p>
+                                        </div>
                                     </template>
                                 </div>
                             </template>
diff --git a/app/v2_routes.py b/app/v2_routes.py
index 3fba33d..e863731 100644
--- a/app/v2_routes.py
+++ b/app/v2_routes.py
@@ -266,10 +266,12 @@ async def v2_inbox(request: Request, tag: str = None, db: Session = Depends(get_
             "status": rn.get("status", "pending"),
             "created_at": rn.get("created_at"),
             "processed_at": rn.get("created_at"),
+            "captured_at": rn.get("captured_at"),
             "duration": rn.get("duration"),
             "content": "",
             "transcript": "",
             "tags": rn.get("tags", []),
+            "projects": rn.get("projects", []),
             "tasks": [],
             "preview": rn.get("title") or rn.get("filename", ""),
             "audio_url": None,