According to Nokia Beta Labs, "an awful lot of changes have been made to the application since the last update, not the least of which is better support for language downloads and language performance improvements. You'll also find the Copy and Paste now appear in the Settings menu as well as the Edit Layer, and a lot of bugs have been quashed."
Several new language packs have been published over the past week for use on any device running Swype. This makes the current list of available languages: Bulgarian, Czech, Danish, Dutch, English, Finnish, French (Canadian), French, German, Greek, Icelandic, Indonesian, Italian, Malay, Norwegian, Polish, Portuguese (Brazilian), Portuguese (European), Russian, Slovak, Spanish, Swedish, Thai and Vietnamese.
You can get the new version here.