I feel like after using the keyboard for a while I've become very good at swiping at just the right speed and distance to land on the right letter. This is actually an improvement over the grid layout because unless it's in line with the previous letter it would be at least two movements to get to the next. I think once people get good at it they will realize why apple did it. My only issue with it now is that it doesn't loop back to the start at the end
I am also disappointed with the lack of looping.