I started out using Swype, had only heard/read great things about it, but it just isn't for me. I gave it a day or so and just thought I was putting more effort into sliding to the correct keys and half the time it didn't guess what I intended to type, especially with words not in it's dictionary.
So, I moved on to the Multi Touch keyboard, and it is pretty solid. The space bar irritated me as I would press it but it didn't work so I would be typing two words without a space. Other than that, it is a very well-done keyboard, props to Motorola.
I then started to use SwiftKey Beta, and it is amazing! The predictive text is right most of the time after just a few letters, and the more I use it the better it gets. Once the word I want is one of the three selections above the keyboard, I select it and it automatically adds a space and capitalizes things that should be. It even predicts when you want to use a period, which saves even more time.
So after a few days with my X, I will be sticking with SwiftKey for the time being. I may give Swype another try in the future, but I don't see myself leaving SwiftKey for very long.