I will be adding some screen shots and step by steps of this a little later down the road, but, here is a quick demo of Word Lens on Google Glass. The app was just released a few days ago.
I think this will be a fantastic feature for Google Glass. Not as much Word Lens as much Augmented Reality in general.
While this is a great feature, I keep thinking about battery life. The need to constantly be showing the camera than processing translation is (at least I am guessing) going to be a battery drain. I get only 45 minutes of Glass life recording video.
This video also shows you how you (as of this posting) add Apps to Google Glass.