It's like magic!
Dragon Dictation is an iPhone App that adds great voice recognition technology to your iDevice.
Speak a message, let their magical speech recognition elves (installed with every download) transcribe your speech to text and send.
The App has been updated to include Twitter and Facebook, while a few other features have been added to further improve the App's usability. So far one of the only downfalls of this App is a lack of iOS integration similar to what Google was able to do with their voice recognition technology in Android (Which iSmashPhone was quite impressed by). Having to launch the App to get started makes it a bit less send-messages-on-the-fly than we would like. Though, we may see something cool happen if Apple makes use of the tech they purchased back in April.
Here is the text from the App Store page:
What's New in Version 2.0.0
– Multilingual support.
– Paste test directly to iPhone SMS client.
– Submit text to Social Networking applications (Twitter and Facebook).
– Dictated text in scratchpad can be accessed after accepting an incoming phone call.
More on the App Here