SwiftKey is designed to increase your typing speed by improving upon Android's predictive text output - by guessing what entire word you're likely to type next. The app apparently has the ability to "learn" your favourite turns of phrase, too, so ought to get better at understanding you after a good few typing sessions.
Here's a snippet of the maker's explanation:
SwiftKey offers intelligent next-word prediction by analysing the context of a user's sentence and input behaviour. This is accomplished through TouchType's Fluency prediction engine, which employs statistical language models generated by analysing billions of words of background text.
In our tests, around a third of next words are correctly predicted without any characters being entered and roughly 80% are predicted within two or fewer character prompts.
There's a huge compatibility list up on SwiftKey's site, and you'll be pleased to hear it works on pretty much every Android phone out there - even Android 1.5 models. It's up and running on our battered old HTC Magic right now. We're teaching it a thing or two about "sexting" terminology.
Search the Android Market for "Swiftkey" if you want to have a go on the beta - it's an easy one to type. You don't need a QR code for that.