It's not what it has that makes the difference, it's the word recognition of this version is messed up. It too often suggests ridiculous words that are nothing like the word I was trying to say. It's inaccurate that way. It also has a lot of made up words in the dictionary that it won't let me delete. For instance, often when I type "the," the suggestion box comes up (which is extremely annoying to have this box pop up when I'm trying to type) and the first suggestion isn't "the" but "thet." I don't ever remember using the word thet so I don't know why it's in my dictionary, but pretend I did use the word once, I should be able to delete it. This version of Swype, for whatever reason, won't allow me to delete it, and "thet" is also always the first suggeston over "the," which seems stupid. The newer version of Swype fixed these problems.
If you're new to Swype, you may not get as annoyed by these problems, but I've had Swype since I got my phone in June. I loved it, then they introduced these problems with an update that annoyed me, then they fixed these problems with another update a month later, but the Evo released the bug filled version of Swype. So it's a step back for me, and these bugs really slow down my typing. I get sick of the suggestion box coming up with horrible suggestions whenever I type stuff, it really slows down my typing.