Not for me in this case. Every sentence I tried was mangled in the traditional way:

Once upon a time in america -> ants on a time in america

The owl and the pussycat went to sea in a beautiful pea green boat. -> the owl and pussycat when to see in a beautiful p cream

Google is not evil -> google is evil

I'm not joking about that last one.

Speech recognition has steadily improved over the past 10 years. You can see a few examples: Android system wide speech input, Siri iPhone app (which Apple bought), Dragon Naturally Speaking advertises upwards of 99% accuracy for general purpose dictation, and the latest speech recognition IVRs do pretty darn well; try calling Amtrak or United. If you try to dick around with it, have a strong accent, or are in a noisy environment, you won't get (as) good results. However, as a whole, it's greatly improved.