Ok, it seems that the free CallWave accounts were only for beta members a year ago so there's no way to get this now.
I had Phonetag.com (simulscribe) for 7 days and just got rid of it this morning. I couldn't stand it. There was not a single perfect transcription, and the truth is that nothing even came close to being perfect. I will be out of reach this summer for a month, and Cingular only stores my voicemails for 14 days. I will turn this on when I go away just so that I get an e-mail of every voicemail. Although the transcription sucks at least I can hear it.
I would consider trying CallWave. My friend has it and it's almost flawless. On their homepage it only shows a minimum plan of $14.95 but once you log in you can change it to a $4.95 plan with a charge of 30 cents per 40-seconds. For 40 regular-length voicemails that comes out to $12.00. Funny how that's cheaper than their 40 voicemail plan for $14.95! Edit: My mistake, I didn't include the initial $4.95 which brings the total to $16.95. I would still rather use the $4.95 plan and pay per message. More than likely you will save money every month.
Anyone know of any other companies that do this feature well and cheap?