SearchCam is a very promising iPhone app that could prove amazingly useful. It allows you to film some text with your iPhone, detect the texts automatically, recognize the letters, and capture the texts.
Although it seems for now that the app is more of a demo than really useful in real-life situations, it already works in real-life situations. I can already see myself using it on a big, complicated board of information to find my way. However, it is for now only available for iPhone, there is no Android version.
Check out the video demo below to see it in action.