This spell gives the recipient a swim speed like any aquatic creature (though not the ability to breathe water or hold one's breath beyond normal limits).
So long as the creature isn't carrying more than a light load, it can swim at its normal speed without making Swim checks.
It also gains a +8 competence bonus on any Swim checks to perform special actions or avoid hazards, though it still takes the normal penalty for weight carried (-1 per 5 pounds).
The recipient can choose to take 10 on swim checks, even if rushed or threatened, and can use the run action while swimming if it swims in a straight line.
If the creature is carrying more than a light load, it must make Swim checks to move (taking the normal penalty for weight carried), but all other benefits and bonuses of the spell still apply.