Swiftkey, one of the more popular third-party keyboard applications, is set to be updated at Mobile World Congress 2011. With this update will bring new ways for the keyboard to learn the individual's typing techniques. It will begin to use Facebook, Twitter, and Gmail accounts to further refine its recommendations during typing. Right now, Swiftkey only uses messages sent through text to record the users typing personality. These records allow Swiftkey to suggest words to use next while a user is typing so less keystrokes are needed. As a user of Swiftkey, it's definitely worth trying out if you're using the standard keyboard on your Android touchscreen.
Touchtype (the creators of Swiftkey) are also working on a tablet version of the keyboard stating that tablet keyboards tend to yield different errors. And they are not simply porting the smartphone version over, but working on a separate tablet version.
Stay tuned for updates from MWC as they are released!