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?
Looks like Google Goggles is as good as it's going to get for now.  From what I've read in the comments and around the web it sounds like that Word Lens video makes the app look a lot better than it actually is.  For now it looks like Goggles, while it may not be in real-time is a more accurate option.