I've been using it for a couple days and so far it isn't too bad. I think I'm much quicker just typing as opposed to swyping, but who knows. The only thing I don't like about it is if I compose a text or email and I select the TO box, with the regular keyboard I just type the first couple letters of the contacts name and it drops down a list of contacts. With Swype it doesn't do this, I have to switch to the stock keyboard to do this then switch back to Swype. I can see me doing away with Swype and just using the stock keyboard, but I'll use it a little while longer and see if things change.
One other bug some new users may not know about: When your phone is powered off then powered back (after a bump charge for example) on you will have to re-enable Swype. Open a text message and long press in the Tap to Compose box, select Touch Input. Close the application.
Reopen the application and do the process again. Long press in the Tap to Compose box and select Swype. Start swyping.