There's an update now. The app was very unstable at first, seems to be better now.
I'm not sure how fast it is compared to typing with one finger. You still have to move your finger over each button as if typing, but if you are off a little I think it gives a pretty good guess based off the whole pass. While the normal tapping of letters, going real fast it's easy to hit the wrong letter.
Longer words can be a little overkill. it can really test your knowledge of the keyboard and spelling as you can't hesitate much.
I can say one thing, it's at least more fun and soothing to use than normal tapping. Just feels more natural. And while you wish it was in all apps, atleast the guy included the e-mail button.
One thing to test, I heard from reviews, that adding a new word to the suggestions only worked for that session, reloading the app, all that it learned was gone, hopefully that's fixed in this update.
EDIT: Just now I tried to add a word to the program and it crashed to the home screen. But trying again, I added a word from my website, which even had double letters, and I quit and reopened it, and it still had it in it's database, and worked, even with doing the double letter once.
It also knows names, so it auto caps the first letter. When you finish a word, you got the suggestions just incase it was off, and if totally wrong, the backspace clears the whole word for you with one tap.