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NEC announced what could be an early, real-life version of the universal translator

NEC said the Tele Scouter was intended to be a business tool that could aid sales staff who would have information about a client’s buying history beamed into their eye during a conversation.
But, it said, it could also be put to a more exotic use as a translation aid. In this scenario the microphone on the headset picks up the voices of both people in a conversation, pipes it through translation software and voice-to-text systems and then sends the translation back to the headset.

[…]
NEC said the Tele Scouter would be launched in Japan in November, 2010 but would initially lack the translation feature. A version that can provide subtitles would follow in 2011, it said.

Now we just have to see how good that translation software really is (please be good!). Read more over at BBC News.