I don't really like QuickType or Autocorrect. QuickType takes up more space on my screen, and it takes time for me to process what's been picked. I think it makes me type slower.
For as long as I've had the iPhone, I could never get used to the keyboard (never texted before the iPhone). I love the quick type, and the prediction is great.
I've been playing for six days with a tweak called PredictiveKeyboard which pretty much mimics this except for the content awareness, good thing the developer gave three days of trial (plus three more by request) and I didn't waste my money on that. I think I will disable QuickType when iOS 8 is released as I found myself typing slower while I search for the word to imput.