Actual Text:

The feature about OS X Mountain Lion that excites me the most is dictation. It allows me speak and have it automatically transcribed into text. This is me testing it out right now. So how did it do?

Transcribed Text:

The future about sex
Ours is dictation
To speak and have it automatically transfer that this is me testing it out right now so how did it

Not horrible, but still not something I can use for anything of importance. Double tap the function key while you are focused on a text area to try it for yourself.