It's an iPhone app that instantly translates signage. Just hold the camera up to the sign, and bang--English where there was Spanish before, or vice versa.
I mean, jeez. What's next, hoverbikes?
It's not perfect, but then, no machine translation is; it isn't going to be any good for you if you literally know nothing of the language being translated, because you have to run it through your own internal filter. But it could be really useful for a traveller who knows a little of the language and needs a boost.
It's going to need a lot of polishing before it's as useful as it plainly could be. Once they've accomplished that, and added French and German, that's it--I'm upgrading my two-year-old iPod touch for one with a camera. Because holycow that is amazing.