Indeed, and it already seemed like this was definitely on their to-do list from the Glass keynote. I don't know how you could build a product like Glass and /not/ do that (other than it perhaps being an extremely difficult problem ;P).
More than that, microphone + reasonable speech recognition = everybody you talk to is instantly subtitled. Also an extremely difficult problem, but one I'll bet will be commonplace in 15 years.
More than that, microphone + reasonable speech recognition = everybody you talk to is instantly subtitled. Also an extremely difficult problem, but one I'll bet will be commonplace in 15 years.