For those of you who havent heard of either Google goggles or Nokia Point and Find, these are both augmented-reality projects being developed by Google and Nokia Europe respectively, which aim to bring smart image recognition features to smartphone users. What this means is that users can point their smart phones to any object and the phone wold identify it and provide relevant content.

Google Goggles ::
Google initially started the Google Goggles project at Googlelabs to deploy the application targeting their new mobile operating system, Android which they expect to launch to other OS's like Symbian in the near future.
Though it is still under the beta pahse, it can be downloaded from the googleLabs website and currently features recognition of landmarks, text, posters, logos and barcodes.
Apart from identifying these, the application also populates relevant content and links from it's vast online database. 
One can scan a barcode and get Product Information and also the best buy price around your location by parsing your GPS data.
It's text recognition can help tourists understand foreign language and can also double up as a virtual guide with its landmark recognition feature.
It can also parse text from off cards and save them as contacts.
GoogleLabs seem pretty ambitious with their project and wish to extend the recognition capabilities to virtually every object possible in the near futue.
http://www.google.com/mobile/goggles/



Nokia Point & find ::
Seeing the great fortitude of possibilities that such an application can provide it's users, Nokia has set a foot forward and started the development of Nokia Point and Find.
Like Google Goggles, Nokia Point and Find is still in it's beta version and hence offers limited functionality. As of now its ability to detect objects is limited to detecting Movie Posters and provides relevant information and lets users book tickets online.
Nokia Point and Find also promises to recognize barcodes and monuments in the future. But as it is in it's beta phases, the recognition accuracy is below par and has a long way to go.
http://europe.nokia.com/services-and-apps/nokia-point-and-find

Conclusion :: 
Both the Applications have a lot of potential and we can expect to see a full release in about a year or so with reasonable detection success and as more people start using them, their image recognition algorithms can learn and result in better detection and with user submitted data, the database can get very accurate over time.
At this point of time, Google Goggles is miles ahead and Nokia has to do a lot of coping up to prove their mettle and please their loyal users.  

At this point of time all we can say is that augmented reality has a lot to achieve but then it sure will find a place in our day to day lives...