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SpeedType is a typing test for the iPhone that allows you to get some better feedback on how successful and fast you are at typing away at the iPhone's keyboard. The app doesn't really have any bells and whistles other than what it's meant to do and that's perfectly fine as there really isn't much you could add to it.
When you load up the app, you need to click the start button to actually begin the test. There is no auto capitalization or anything of the sorts, so expect to do all of that manually. Plus, if you don't enter a letter in correctly, it won't progress at all or give you any indication that you've screwed it up.
When you finally finish, you're presented with a bit of information that shows you how well you did overall. This isn't like a typing test where you can then use that on a resume or anything of the sort, as no one is hiring iPhone typists as of yet. But it may make you feel pretty cool that you could type that sentence faster than your friends could.
There were times when it felt like the keyboard was less responsive then it normally is outside of the app. While that could be true, it's also the stress of actually having to focus and not being able to rely on auto correct. This app is interesting as a concept but doesn't really add anything useful to your iPhone by having it on there.