Moreover, this might yield a small efficiency win over both text communication as is (email, IM) and the telephone: dictated text would be as fast to produce as spoken communication (I can talk much faster than I can type, and I get the feeling that's true in general), while remaining as fast to read and as easy to edit as text.
I'm not sure this win would be very big, though; for me, at least, the bulk of the time I spend on writing is spent figuring out how to phrase things. Jackalope's comment, though, indicates that people are starting to see noticeable improvements in efficiency---the "how did I ever live without this" feeling. Perhaps they find speech more natural than typing, and spend less time agonizing over how to express themselves?
This scenario depresses me somewhat, as I have an inordinate and perhaps irrational fondness for slower, more considered forms of expression. I find my prose is more dense and pointed when I hand-write than when I type, which I prefer (though my superabundant laziness combined with the ease of editing on a computer mean that I almost always type).