It's the latest. There are massive improvements on the standard fare that is used on the Sammy's. Swype latest beta was flawless, so I reckon this one is the one to get. Go to their site Craig, the beta was still available, it's free and very easy to download and apply.
I couldn't find a setting in Swype to make the keyboard a little bigger. Plus I have to question the keyboard layout with these things. The placement of some of the keys doesn't make sense to me. On Swype I was constantly hitting that little microphone at the bottom next to the space bar, or period symbol. Don't remember which. That was annoying.