If you have downloaded and installed the new beta from Swype and you are having the "wrong version, limited functionality" problem, check the Swype version number. If you have 5652, you have the wrong version. Evidently, the Swype installer is not working properly on all MotoDroids. The correct version is 5612 and is located here.
Also, noticed that the "incorrect" 5652 version was using 14MB memory and the "correct" 5612 version uses around 8.5MB.