Swype learns the way you type as you use it. Eventually Swype will create a personal language model based on your methods of typing. This model will even be maintained across all your Android devices.
Swiping from the question mark, comma, period, or other punctuation to the space key will enter the punctuation and a space at the same time
A swipe from the Swype key in the bottom left corner to "a" will select all, "x" will cut, "c" will copy, and "v" will paste
A swipe from the Swype key to the "5" will open the dedicated number keypad
A swipe from the Swype key to the space key will switch to the last language used
Swype's dictionary is continually evolving by crowd sourcing the hottest words and phrases from its over 250 million users. With Swype's Living Language you won't have to stop Swyping and type just to use that new phrase.
The cloud support does who knows what with private data. The licence terms are quite clear with this: "You understand that through your use of the Software and the Service you consent to the collection and use as set forth herein of Speech Data and Licensing Data, including the transfer of both to the United States and/or other countries for storage, processing and use by Nuance and third party partners."
Also, this keyboard has a high GPS usage, for some unkown reason (the support wouldn't elaborate on this problem).