UPDATE 2/5/11: Forget it. I tried it with a nice, clean audio file recorded under optimal conditions, and it was gibberish. They shouldn’t have this on the market.
Adobe Premiere Pro is supposed to now have a Speech Search feature that does automatic transcriptions. No one claims it’s as good as a human transcriber, but some claim it’s 75% accurate or so. They advertise it as being for searching audio and video for where certain things are said, but of course it could also be used to do a first pass at transcriptions, IF it is as good as they claim. I don’t know anyone who has tried it. I supposedly have access to it — need to see if I can get it working.
Here’s a review:
And this is from Adobe: