I wonder what Google thinks about this. Seeing as they discontinued their text translation API because of 3rd party abuse, I wonder if this would suffer the same fate if it gets popular.

What are the regulations in the US about using such a service? The recording could be seen as wiretapping. Do you have to play a disclaimer on the call before you can use such a service? It sounds great and I'd love to use it but I'd be wary of the possible legal repercussions