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Speech recognition has been available for the Mac from MacSpeech which first produced iListen and then created MacSpeech Dictate, using technology licensed from Nuance. Judging, however, from user comments in their forums and elsewhere, their software has been buggy, hard to use, and way out-classed by Nuance's stuff.
This spring, Nuance bought MacSpeech, and I have been waiting for them to release their own version of Dictate for the Mac. It looks pretty good with much better recognition, substantial voice control for your Mac, and a better user interface. This is a potentially valuable tool for us keyboard-less Modbook users. The drawbacks: the price is $179.99 and it is Snow Leopard only.