It's really not that great for English text entry. It works great, it's just that T9 is much faster. It makes much more sense for Chinese, which is why it's only officially being released in Asia.
But we will see the same Cirque touchpad-keypad technology in future Motorola phones for the U.S. It won't necessarily be the finger-writing thing... more like a scrolling/navigation control for browsing full web sites... but you didn't hear that from me...