You can see what it does and provides here with the TW emulator: http://forums.androidcentral.com/samsung-galaxy-tab-10-inch/113655-touchwiz-ux-emulator.html
I have not yet updated to Touchwiz... and I am contemplating not doing so...
From what I have read, I am not sure I want to just for SWYPE.
looking for opinions...
Install swype on your own, because the Swype in Touchwiz sucks. (NOTE: You do NOT need to be rooted to install swype)