Here's a quick demo of it: https://www.youtube.com/watch?v=7quu551ehc0
http://en.wikipedia.org/wiki/Traffic_sign_recognition
Tesla might have the first US-compatible system, although since it's not out yet it's hard to say if they made it first or not.
Remember, even if the system isn't perfect, it can still outperform a human.
California doesn't have to worry about these things but a lot of northern markets (Canada/Norway) do.