Don't know if you're still expecting a reply, but here goes:
Yes there is and no there isn't ...
Software for continuous speech recognition does exist. It's called Julius and it is free, but at the moment it only works for the Japanese language. In theory it could work for any language, but it needs to be bundled with an acoustic model and a language model for dictation to work (there is a 130,000+ words English dictionary available).
The acoustic model exists, but isn't very good yet. It gets better once more people donate their (annoted) speech. I think there isn't a language model yet, but even if I'm wrong you still need the acoustic model otherwise you cannot even do command & control (which is relatively easy and also done by sphinx of course).
Check out the open source speech recognition project VoxForge
for much more info (and consider donating some speech).