Sweet! You are DA MAN! (or WOMAN!)
From a quick look, seems to operate just like the old Jott did! Same business model too:
"To improve speech recognition accuracy for our entire community of users, we are initially offering Vlingo for free. Charging a fee would introduce a barrier to improvement and slow the process. While we can't say Vlingo will always be free, currently it is free."
I'll take it while it's free!
PS You can download it directly from their site too it seems, where I've signed up for it.