This sort of thing is, I believe, exactly what Google is looking for in development of Glass. This is some next-level stuff that will not be available to the public, at least, until early in 2014.
So far the tidal wave of enthusiasm for Lambda Labs idea may have its sticking points. Since Google went before a Congressional inquiry for the privacy concerns in Glass, offering a facial recognition app may not be the best foot forward. But for those of us who relish the thought of the next killer-app, it may just be around the corner.
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