Swype is the swipe to type app that allows you to slide your fingers across a virtual QWERTY keyboard to type words. The update allows the software to be used on devices using Android 4.0. This will be a beta version of the software,and adds other new features such as downloadable languages for tablets and add-ons for DragonGo! (Swype is now owned by Nuance). The accuracy of Swype has also been improved. Since Swype is not available in the Android Market, those interested will have to head to the sourcelink.
One last important note. If your phone came with Swype pre-installed, do not download this beta because it will not work on your phone.
source: Swype, AndroidMarket via AndroidCentral (1), (2)