Imagine calling a Japanese business partner and discussing plans without either of you understanding the other person’s language! Such a real time phone conversation translation technology might in the works. Both Microsoft and Google are said to be working on such a technology for their mobile phone platforms.
This technology was recently demoed by Microsoft at the annual TechFest event though as the developers themselves claim, a perfectly usable model of this is not expected to arrive at least for a few more years. Here is a video of the technology in action