With Word Lens, you will be able to see an instant translation when you point your smartphone camera at any foreign language text, with the translation overlaid on the screen itself. The feature, which works even when you don't have a data connection, was available in a limited form in previous versions of Translate, but with the update, the process is more seamless.
Translate is also getting voice translations on the fly. Two users conversing in different languages will be able to speak into the app using the microphone, with a live translation occurring instantly. Here's how Google describes the feature:
Starting today, simply tap the mic to start speaking in a selected language, then tap the mic again, and the Google Translate app will automatically recognize which of the two languages are being spoken, letting you have a more fluid conversation. For the rest of the conversation, you won't need to tap the mic again—it'll be ready as you need it.