I can imagine other applications of this:
"Mobile FM System".
1. Get two phones (one being an iPhone, and the other one having a Bluetooth headset)
2. Initiate a Captioned phone call between the two.
3. Give the second phone to the professor, lecturer, or the other person who's speaking to you in person but you want his words to be closed-captioning. Have him/her keep the second phone in his pocket while wearing the headset microphone.
4. Now you've got the equivalent of an FM system that automatically captions everything the professor and lecturer is saying.
This is probably against the TOS of Sprint WebCapTel, as they frown on this application, but it should work perfectly (if there's good 3G reception in the room) as a captioning system, as long as the lecturer is not too fast for the captioning operators... But I did hear they are working on a Captioned Telephone system for this type of application.
This is getting a little bit closer to the Holy Grail of a handheld realtime captioning device for real life use... (For people who can afford about $100 per month of cellphone bills and owning 2 cellphones for this purpose)