Macworld has done an interesting comparison of two different dictation offerings available on your Mac: They've looked at the core dictation service available in the latest version of OS X, Mountain Lion, and compared it to Nuance's classic Dragon Dictation service, comparing the two in terms of ease of use and accuracy. And the results are basically what you might expect: Mountain Lion's dictation offering isn't bad, but if you really want to try depending on dictation for longer and more regular tasks, it's probably worth buying into Nuance's dedicated solution.
Mountain Lion's dictation is fairly easy to try: Just hit the Function key (Fn) on your keyboard twice and start talking. As Macworld note