You'd be surprised, actually.
The FSK works EXTREMELY well.
You just install it and set it as the default SIP. It pops up as a generic WM keyboard with a keyboard icon in the top left corner. You click on that and you've got the FSK. You can even enter carriage returns on it. Definitely check it out man, I think you'd dig it once you get the idea.
You can also map it to the only hardware key on the Touch... but if you do it that way, it doesn't work with apps like Opera and such. Plus that's a serious loss of a button action... which the Touch BADLY needs.
I'll try out the happy tapping board... I don't really think I'll be switching from SPB's FSK any time soon though. Its landscape mode and it REALLY feels like a true qwerty.