It would be remiss of me if I didn't mention that other posters in that swype thread were concerned about the size of the file (it went from like 2mb to 16mb), wondering if maybe it was some hacked version that someone concocted to steal your passwords, credit card numbers or YOUR SOUL. As it is not an official release it might be wise to switch to the stock keyboard if you were going to be entering any sensitive information. As it is I don't think a would be keylogger is interested in my texts about Rachel Zoe to by bestie or me asking my boyfriend if he wants anything from McDonalds (he does, he always does).
oh and that bug about it not working after you turn your phone off was on a previous version, the 1.61 I downloaded from that thread didn't do that on my phone.