Just got this for my iPhone for $4.99
cant wait until they come out with other languages, so far it appears to only support Spanish> English or English> Spanish text.
basically, the camera in your phone detects the printed text from a menu for example and it replaces the text on your screen with the text in the desired language.
http://www.collegehumor.com/video:1944837
works pretty darn well actually!
and at this rate... most of us in the southern states who have been abandoned by our Federal Government will need this APP to survive in the near future!