It looks cool, but I can see it taking some time getting used to. I would get fairly frustrated when it got the wrong words though. It's the main reason that I never really used the dictionary feature in older phones. It makes more errors than I do manually, and manually is pretty fast regardless. It also probably doesn't work very well with certain languages due to some common words being similar, let alone dialects, so I doubt it's something I would get right now.
What's wrong with manual touch screen input? ;p