David Pogue:

True, you pick up a lot of speed when the letters you want are already in line with each other as in the “ask” example. But you lose a corresponding amount of speed when you’re having to bounce back and forth from one side of the keyboard to the other, as in the word “soaks” that’s four complete horizontal traverses.Furthermore, when I use Swype, I constantly encounter pop-up word selectors, indicating that Swype wasn’t sure what word I wanted. For example, the same identical swipe could mean “pit,” “pot,” or “put.” If the word you wanted isn’t there, you have to cancel out and swipe in the whole word anew. You never see those interruptions in the online video demos of Swype.

This sounds like a you hate it or love it system.