Swyping vs Typing: Which would you prefer?

Swype is a TechCrunch 50 company that has created a new way to enter text on touch screen keyboard devices. Instead of having to individually hit each letter, the typist must simply put his finger on the first letter, drag it to the second, third, and so on until the word is formed. The algorithm then figures out which word the person meant based on where they switched directions. As you can see in the comparison video after the break, this form of typing is pretty fast.