Having used swype for over 6 months I can certifiably claim it is nowhere near as good as a physical keyboard, and in fact I even prefer the default keyboard to it.
Reasons:
1. It has significant trouble with words that appear on the same row of the keyboard.
2. The corrections offered can sometimes be wildly different. Anytime I have to completely retype a word, it significantly slows down typing.
3. Its learning system is not foolproof. It often will suggest words you add over other words, meaning over time a large custom dictionary can ruin the system.
4. Anything requiring any sort of symbols slows down typing significantly.
5. Its overall accuracy over time will actually worsen, especially over months.
6. It can actually bog down the phone when typing. Typing on websites is notoriously slow, often to the point where using it is impossible entirely.
7. It is nearly unusable when on the go. Even riding in a bumpy car can make it a pain, as your finger flies everywhere.
8. Swype shares this issue with the default onscreen keyboard: you cannot easily type blind, without looking at the keyboard.
Overall, I find that over time, I fight with the keyboard more than I type with it, and for that reason I no longer use it.