Word Lens App
Ok. Awesome. Plain and simple. I see lots of people saying that it has limitations and that it's a good concept, but doesn't work all that well and that $10 is a lot to pay for the libraries. Personally, I find this an amazing app. When used for it's intended purpose, it is nothing short of astounding.
It is doing word for word translations at the moment, so that probably makes it's best use case translating signs and the like. If you are trying have it translate a mass of text, then you don't understand the limitations of the hardware you are using. The iphone isn't powerful enough to do all that OCR and real time image manipulation. It will keep getting better and better as they iterate on their software and the hardware it runs on gets better.
I am really looking forward to this app maturing.