Does This Really Exist?

While browsing around TechSideline (a site for Virginia Tech sports fans), I ran across a video for an iPhone app called Word Lens.  Put the lens in front of text in one language, and it translates the text into another.  I know about software that enables a computer to recognize printed characters, and about translation software, such as Google's "Translate" function, so I can see where it might be possible to combine the the two.  Speaking of Google, a search therewith led to the makers of Word Lens, Quest Visual.  Here's the video, which demonstrates Spanish into English, and a little bit of vice versa: