It's been almost 12 years since I used Graffiti on my Palm X, but when I saw it land in the Android marketplace, I loaded up and all the gestures came back to me. It's very true to the original graffiti but it seems a bit faster and more accurate than I remember.
It is quite a bit more motion than just typing on a standard keyboard or using something like SWYPE but I find it much more accurate. I recently gave up on SWYPE and went back to the standard Android keyboard which I found much improved in the latest Froyo update. One of thing that I find great about the new Android keyboard is that its predictive text is excellent I usually only have to type a few letters and the correct work pops up for selection so I usually find myself only needing 3 or 4 characters per word which really lessens the strokes. SWYPE requires that you trace the entire word out before it can predict the your intent (and it gets VERY aggravating when its wrong). Graffiti doesn't have any predictive text so you don't get any annoying corrections but the downside is you have to type the entire word. I think if they can add predictive text as good as the stock keyboard - this will be my new full time keyboard.