“Image to Text” is a free iPhone app that allows users to extract editable ASCII text from captured document images taken with an iPhone. It was released by Ricoh Innovations, Ricoh’s R&D subsidiary in Silicon Valley, California in April 2011.

“Image to Text” is very easy to use, requiring only two steps.
1) Take a picture of document written in English with your iPhone
2) e-mail the captured image to yourself or whomever you want to share it with. The e-mail addressee receives OCR results (extracted editable ASCII text) along with the image itself. Moreover you can send the image directly to Evernote for efficient searchable document management. 
*NOTE: Currently “Image to Text” supports only English language.

And surprisingly, it work amazingly well! I made a few test with some document lying around here in my office and yep, this Free iPhone App does its job very well!