Is there a Word Lens alternative/port for Android?

**Any idea how we can do this in Android?** For those of you at work who can't watch the video, it's a demo of an iPhone app that came out today called Word Lens, which in translates language in real-time through the camera. If you point it at a sign in Spanish, it doesn't just output a translated text, it makes it look as though the sign were in English. Un-freaking-believable! The closest thing I have seen is Google Goggles but I don't think it even comes close to Word Lens. Am I missing anything? Do we have any awesomeness like this yet?