As far as Android translation apps go, Google Translate is still among the best available - sure, it isn't perfect, but it's free and for the occasional translation it'll suffice. To celebrate the app's first birthday, Google has updated it to 2.0 and added a new feature called "Conversation Mode."
Image Credit: Engadget
Conversation Mode allows you and your foreign friend to speak in two different languages before having Google Translate display the words you say onscreen in your native languages (as seen in the second screenshot above). For now, it only works with Spanish and English, and it has problems with regional accents, background noise, and rapid speech, but it's a start.