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My thoughts exactly. Also, I wonder what ever happened to Google Goggles, which as I recall was very similar technology.

Google Goggles, the Android app, is still in the Google Play Store. The latest update came out in November 2013. Link:

P.S. Looking at the above URL, it seems Google Goggles may have been called "Unveil" at some point.

It has also been integrated into the iOS Google app

They integrated it into the Translate app.