Google Goggles has been around for about 10 months, December 09 they launched the android app and today I downloaded it from iTunes for my iPhone. Yes it is a free app!
The app processes pictures taken with yur phone and recognizes the text within it, creating search results for things like books and business cards. It also recognizes landmarks, paintings oh and did I mention it is quite good at recognising labels on wine bottles! It is not able to recognise animals or food (YET).
Here is a quick review: brace yourself this is one cool app!
Remember this app is only in it's infancy but imagine how awesome it will be with a bit more time.