Thank you. I agree. I've come to the same conclusion. I used to be wicked-fast with swype on my old samsung galaxy S. It was outstanding at predicting what I was swyping.
I like my Galaxy S III but the swype has somehow started sucking on it. I tried about eight times in a row to swype "willing" earlier today, and all eight times it kept giving me the word "working". Similar word suggestions were "writing, waiting, wouldn't, wrong, word, warp, and (my favorite) illing". Every time I did it, I carefully made sure I was hitting each letter. If you look at the shape of the swype pattern for each of those words, you kind of wonder how it could be confused about that at all. For that matter, how could it not even be one of the suggested words?
Just annoying. Like I said, I'm overall happy with the product. But SWYPE is one feature that absolutely seems to have gotten worse with the newer models.