Following a little of what nathannecro said, I think that the real consequence of this technology is that it makes language more useful, more important as a conceptual tool than ever before. Studying language in within an environmental model is an amazing tool for understanding how languages were formed, but if the previous barriers for communication are shattered then it seems to me language itself won't be at such a loss, rather the linguists of the future will have to expand their models to see what happened once everyone got sms/twitter/skype with PerfectTranslator or whatever it becomes. Language allows you to do more than just communicate with others, it allows you to conceptualize. Cue obvious comparisons to programming, where the product is often bound to the process of its creation. We identify the paradigms and then work them to our advantage. If we continue to promote language learning and develop newer, better systems for facilitating that task I think it would be greatly beneficial, basically as long as we humans still exist and aren't delegating everything beyond our beating hearts to a digital circuit.