Have you tried the Swype beta yet? Franklin Page (a recent employee of Swype) just set the Guinness World Record for fastest text message on a touchscreen mobile phone using Swype.
“The razor-toothed piranhas of the genera Serrasalmus and Pygocentrus are the most ferocious freshwater fish in the world. In reality they seldom attack a human”Official phrase of the Guinness World Records
Mr. Page entered the above phrase in just 35.54 seconds which beat the old record by a full 5 seconds. He was actually using the Windows-powered Samsung Omnia II, but Swype is coming preloaded on most new Android phones and should be available in the Android Market soon.
If you have yet to try the beta for Android, Swype has posted detailed instructions for getting it installed.
How fast can you enter official phrase of the Guinness World Records?