Its a new jailbreak tweak that greatly increases typing speed on all iOS devices, just like the Android friends.
As you can figure out, Swype makes typing a lot faster, since you don’t actually spend time lifting and pressing keys, movements across keys is much faster and effective. While it might take a while to get used to, speed do improve by several multiples over time.
Note: This not official version of Swype, its just a hacked version that has been made to work on iOS.
How to Install Swype on iOS: iPhone, iPod Touch, iPad
Your iOS device should be jailbroken, launch cydia and add the following repository to Cydia: wynd.x10.mx/repo.