@OCCOM BILL,
Not so quick Bill, these speech recognition programs for voicemail to text are using tricks that you might not suspect (see #3 below).
I have worked as an engineer in a Speech Recognition team. Speech is still a hard problem. It is not very accurate in these situations, and we have a very difficult time dealing with background noise.
There are a couple of tricks we use to make the performance of Speech Recognition acceptable.
1. Limit the number of words that the speech recognition has to recognize. This works very well for banks etc, where it has to know the numbers and maybe "yes:, "no" and "operator", but not very much else. This is called a small vocabulary problem and for obvious reason is much easier to get right.
2. Get a specific speech model tuned to a specific person. Dragon on your desktop has you read a bunch of text that it knows, then it trains itself to your voice.
3. Use humans to help. Yes, the Nuance voicemail to text (and similar programs I suspect) have human operators in India that listen to voicemails and type what they hear.
The way it works is that the software does its best job. The good news is that the software can generate a "confidence" metric along with its transcription. It has a pretty good idea about whether it got it right or not. If it has a very high confidence (this not that big a percentage of voicemails) it will just send you this text. If not, it will send the audio recording, along with the results from the software to a human who can either push the "yep that's right" button or can make corrections. There is a percentage of voice mails that it doesn't even bother trying to make a translation. In this case the operator just types what he hears.
This works with voicemail because you can use a couple of hundred of operators and short messages working with voicemail that doesn't need instant translation (a few minutes of delay is fine).
I am very skeptical that the point iphone at person and get a text as they speak is going to be possible at any time in the near future.