My two cents:
Swype
+ Swiping is accurate
+ Shortcuts for punctuation and numbers are great
+ After connecting to a few services, suggestions much better than stock
+ Don't need to add words to my customer dictionary because it learned them from Gmail and Evernote
- Can't type regularly with it whatsoever (personally), much worse than stock or SwiftKey
- Dislike lack of visual feedback about the actual word I'm currently swiping, only shows alternatives until releasing
- Kind of ugly, IMO. The default flat keys they use on Android are much nicer
SwiftKey
+ Swiping and regular typing both accurate, can switch between them without feeling like I need to switch keyboards
+ Like the obvious, centered visual of the word it's currently guessing for my swipe
- More private but more manual learning process for custom words
- Fewer shortcuts
- Seems buggier so far, some wonky backspace and return key behavior
Conclusion
~ SwiftKey is the better choice for anybody who plans to regularly switch between keying and swiping.
~ Swype is potentially better for those dedicated to swiping due to shortcuts
~ Note that Swype uses the suggested words line to offer you corrections/alternatives first whereas SwiftKey defaults possible next words unless you hit backspace first