Not that this gets the S60 5th platform in line with Android, or gives me much respite from phone-envy, But it is a pretty darn good step in the right direction.
Just installed it on my phone and can confirm that it is indeed working. Swyped my first text message out. What struck me though was the broken UI in trying to download the beta directly onto the phone. Beta labs, on my phone, has a sign-on link that doesn't work. Nokia Ovi, defaulted to a mobile interface that does not have a link to sign-in. The quickest way seemed to be to go to https://account.nokia.com, force a log in and then go onto Beta Labs.
Despite the pain to get to it - Swype does work now.