Was generally searching for OCR software, came across a translator app and a few other bits. Nothing is quite there yet it seems..

Anyway, on my searches I found this:
http://www.youtube.com/watch?v=FiTi7...eature=channel

Personally, I think it's legendary. AR is cool regardless, but now useful too.

It's not my work or anything, I just found it and thought you guys might be interested. There are some PDFs about the project floating about too. Check it out =]

Some nice apps on the iphone too:

http://www.apptism.com/apps/scan-cam