Even with Vlingo being free now, I favor the new Google Action and Voice Search. To be fair, isn't Vlingo the one that supposedly gets better the more you use it, as it "learns" to interpret you? If so, I didn't give it much chance before ditching it, but meand Vlingo were apparently speaking a different language. I haven't been using voice commands/search much the past few months as I've never been impressed with it. Always seemed to end up being more work.
However, I've been waiting CM 6 RC3 to come out for the Incredible, and it finally has, with Google's new Voice Actions included. So I decided to fire it up, and I was very excited to see how well it worked for me! I don't know who watched during Google IO, but my voice actions are working like they did throught the days at Google IO, whenever the did a demonstration using it. Really, I can send text, add texts to my note app, and search for things, with a very high rate of success. I would even wager to say it is hanging around a 90% success rate! I haven't used it too terribly much, but enough to confidently say it ain't no fluke. As with everything, tho, YMMV, so take my words of encouragement with a grain of salt.