Love it. Don’t really love the idea of audio contents of conversations being routed to a cloud server for processing though — needs to stay on-device for privacy.
The only way this works is for it to be built into each device/OS (ie: firmware shipped by manufacturer). If the tech has merit, we'll be seeing it in a couple of years, whether that involves an acquisition here or independent R&D/patenting.
I can see why the cloud processing makes sense for certain applications / licensers / acquirers (e.g. a VoIP provider like Xoom), but voice comms is really the domain of smartphones, and my hunch is most are plenty powerful enough to do this processing locally.