I really liked it, until it stopped working when I started using a 2nd battery. Swype is linked to your hardware ID which apparently changes when you switch your battery. As far as I can tell, using more than one battery is impossible.
I'm also apprehensive relying on something that might be difficult or impossible to obtain once the beta ends. The developer has said they don't intend to sell Swype on the market and will only be selling it to OEM's.