As cool and impressive as this is, and it is cool and impressive, let's chat about the magical details.

You'll notice the fps is definately less than 25, probably closer to 15. With the coprocessors in the latest iOS devices, that's plenty of time to do some good number crunching. Also, iOS is already gearing up to be the first handheld OS with a mature OpenCL implementation, so expect augmented reality to be common place.

The fonts and solid backgrounds are an OCR library's wet dream.

The to and from language translation has to be specified. That takes plenty of heat off the OCR.

Still very, very cool.