Aside from the algorithmic improvements he meantioned (which I'm sure are significant) I'm having a hard time understanding what's so applause-worthy or new here.
My Mac (I'm only talking about Macs here because they are what I know, I'm not advocatting any OS so don't give me any shit for owning a Mac here) can already recognize my speach, translate that speach, and speak it in the new language...and this is just a current gen consumer product. It's not stitched together like this, but it does all those things, built into the OS, so I'm sure you could just write a script that does what was seen in this presentation. I assume Windows does the same thing.
Maybe they are just happy because he's doing the demo in/for Chinese?