Swype is awesome. Drawbacks include difficulty seeing what you are typing. I have difficult time quickly backspacing over a word. Also, in X the period key is in a bad place, and there needs to be a shortcut to a period.
Good or bad point: Makes texting in car impossible. (just a point -- I know you shouldn't) Or if you do, it is highly dangerous. Maybe use Swype with voice to text. It does guess correctly amazingly well. I am not sure if the Guinness Book of World Records for fastest text on a touch screen using Swype. The paragraph was:
"The razor-toothed piranhas of the genera Serrasalmus and Pygocentrus are the most ferocious freshwater fish in the world. In reality they seldom attack a human" in 35.5 seconds.
This has since been broken and done in 24 seconds and, of course, by hundreds on YouTube. But, what they fail to realize is that the person setting the record at the Guinness Book of World Records did not have the luxury of seeing the paragraph ahead of time. Just knowing what the paragraph is gives one a huge advantage. I am sure they are all able to practice.
It is interesting to note that when the inventors of Swype went to Apple, they were interested, however they declined after they heard it was being offered to other companies with different operating systems.
