From last week, watch as AppleInsider’s Stephen Robles takes Live Text for a spin (demo starts at 1:18 in).
Note that Live Text requires an A12 Bionic processor or later, so if you want to try it yourself, you’ll need iOS/iPadOS 15 and the iPhone XS, XS Max, and XR or later, the 2019 versions of the iPad Air and iPad Mini or later, the 2020 iPad, or the 2018 (3rd gen) iPad Pro or later.
Live Text is fun, and feels like just a taste of what I imagine might be coming to Apple Glass. Complete speculation here, but imagine if all the text you looked at was a gesture away from being copied to the pasteboard. Or, in a similar vein, if a gesture could transcribe live audio and copy it to the pasteboard, or gather it into a Note. Again, pure speculation on my part, but feels so doable.