If you have downloaded and installed the new beta from Swype and you are having the "wrong version, limited functionality" problem, check the Swype version number. If you have 5652, you have the wrong version. Evidently, the Swype installer is not working properly on all MotoDroids. The correct version is 5612 and is located here.
http://www.droidforums.net/forum/droid-applications/28020-heres-swype-apk.html
Thanks holmes!!
Also, noticed that the "incorrect" 5652 version was using 14MB memory and the "correct" 5612 version uses around 8.5MB.
Question I would have is "How would anyone know that 5652 is the wrong version for Droid and 5612 is the right one"? Did someone from SWYPE post something to that effect?
If this is the case, I am wondering if the installer might be picking up the wrong version due to something we are running on our phones (such as launcher2 that was ported over from the Nexus)? Or one of the Root Mods is messing with the installer if you are rooted!
Just a thought. Is there someone that was stock 2.0.1 that downloaded the installer, and did not encounter the problems on the boot up? If so, what version did they get?