"Get real-time translations right in your ear". This immediately made me think of the babelfish from Hitchhiker's Guide. Looking forward to reading some reviews of these.
PartA: Who's going? PartB: I'm going. PartC: When is it?
What boggles my mind is why it doesn't immediately after the meeting end, Hangout would send you a transcript of the meeting. This would be a crazy USP.
It's the same as using Google Translate in conversation mode, but without needing a phone to understand what the other person is saying. For two-way communication you do still need your phone though, because that will display the translation of what you just said back to the person you're speaking to.
It's still pretty cool, but it's not the futuristic technology it makes it out to be.
I get that its not quite the smooth experience (yet?) that we want it to be but that we're approaching this previously unbelievable futuristic thing is amazing to me!