i posted about the flexT9 android keyboard earlier, noting some issues i had while using it. i had a few other gripes which i did not write about, so when i found out about the swype beta, i immediately signed up and installed swype.
it's good! the current version (v3.25) introduces gestures and personal dictionary management, which i think are great improvements. there are also a number of tips/tricks in using some shortcuts to do various things, which make using swype much more pleasant than flexT9 - basically i installed swype about a month ago and haven't looked back.
plus it handles Chinese text entry (pin yin) pretty well too. (there are other language options which i haven't looked into/tried)
find out more about the swype keyboard here.