Yes. The voice recognition on iPads and iPhones will capture what you're saying when you click the microphone icon next to the keyboard.

Here's a video of different people dictating parts of a conversation: both women and men, across an age range of over 30 years, and covering both mother-tongue and second language speakers.

Voice recognition only works for entering text. It does not currently respond to commands like "select Acme Corporation risk" or "Write a line of 20%".