By the description in the article, sounds a lot like that japanese mobile app from Techcrunch50.. Sekai Camera, from TonchiDot.<p>Anyone remembers their Q&A? "Join us".<p>edit: swapspace's link made me think it has little to do with Sekai... One is targetting business and the other, end consumers.
The actual algorithms used were developed ten years ago: <a href="http://en.wikipedia.org/wiki/Scale-invariant_feature_transform" rel="nofollow">http://en.wikipedia.org/wiki/Scale-invariant_feature_transfo...</a> so it's not exactly an image recognition breakthrough.
If this could be done quickly, it beats the pants off GPS.<p>Take a look at this video to see it in action: <a href="http://www.mobvis.org/graphics/HyperlinkingRealityTheMovie.mpg" rel="nofollow">http://www.mobvis.org/graphics/HyperlinkingRealityTheMovie.m...</a>