Using the Voice Dictation feature you can now press a button and talk instead of typing on the iPhone's software keyboard. When finished, the iPhone will convert your speech into text.

iPhone: If you've ever looked into text-to-speech transcription for your computer, you've certainly come across Dragon NaturallySpeaking.

With the Live Speech feature turned on from the Accessibility settings, simply type and it will then speak the written text out loud using your Personal Voice that will sound just like you.