Update 1: iOS 5 Final version has been released for Download and Jailbreak - Click Here
As I reported you earlier about Apple's plan to implement speech recognition in the upcoming iOS 5 to a much greater extent than in the past. Here's a video show you how Speech Recognition may looks like.
This is my take on how Apple could implement universal speech control (by holding down the home button and speaking various commands to navigate the phone or perform tasks such as making phone calls) and how the speech recognition technology could be used to put dictate text into any text field (by long-pressing a text field or double tapping an already selected field).[via]
Obviously, the commands to navigate the phone are limitless (i.e. "open texts, open messages, launch text messages", etc — all mean the same thing).