Star Trek Universal Translator Coming to Real Life

That universal translator you see in Star Trek? Yes, that one that can instantaneously translate languages while being spoken?
It's coming to real life, courtesy of Microsoft:
Microsoft researchers have demonstrated software that translates spoken English into spoken Chinese almost instantly, while preserving the unique cadence of the speaker's voice—a trick that could make conversation more effective and personal.

The first public demonstration was made by Rick Rashid, Microsoft's chief research officer, on October 25 at an event in Tianjin, China. “I'm speaking in English and you'll hear my words in Chinese in my own voice,” Rashid told the audience. The system works by recognizing a person's words, quickly converting the text into properly ordered Chinese sentences, and then handing those over to speech synthesis software that has been trained to replicate the speaker's voice.

More | YouTube clip of the translator in action