For those not aware, Swype is a software keyboard that allows users to trace (or swipe) their finger from character to character. It tracks those characters to spell out entire words. You simple move your finger --- without lifting it --- from "w" to "o" to "r" to "d" to enter "word."
If Swype can't figure out what you're "typing" then it offers up suggestions. Good Swype users can easily out-Swype regular texters, even those using a hard keyboard.
This latest beta --- and the software is still in beta despite being almost a requirement on Android devices that are not straight Android experience devices like Nexus devices --- includes downloadable languages for tablets and accuracy improvements. Head over to Swype's website to grab the beta for your ICS handset or tablet.