Latest from swype:
"We have been able to reproduce this in-house and are confident we know what the issue is.
We are still investigating this but will keep this thread updated as we have more information.
We'll reach out to you further if needed."
In the meantime they are recommending:
"you should be able to use Swype be disabling any apps that are in Android Settings > Accessibility."
Which is only a temporary fix and I think (and hope!) they know that.
Official Galaxy Nexus Jelly Bean Swype Issue Thread