I spent most of the afternoon yesterday getting it working & testing it out on my note & it's pretty cool, but far from ready. It does have correction, by sliding up or down after you type the word. You can cycle through all the possible suggestions by sliding down for next, or up for previous.
Punctuation is done with two swipes to the right, and the symbol keyboard comes up with a swipe up from the bottom right. It's very simplistic, even to the point that you can hide the spacebar & just slide for spaces or punctuation.
I had to use a modded version because the original beta authenticates via device & email address. I'll put the version i found up if anyone wants to try.
Sent from my Note 2