Word Lens seems like the single most amazing app for the iPhone yet. According to this video you simply install Word Lens, point your camera at text in a foreign language and it translates it for you. Instantly. Visually. Without the internet.
This is amazing.
I’m downloading the app as we speak; luckily I live in LA, a town that gives me plenty of Spanish signage with which to work. I’ll get back to you on this.