Image to Text by Ricoh Innovations is a free app that lets you extract the text from an image. You take a photo of the page of text, then send it to yourself in an email, which arrives with a text version in the body of the message and the original image attached. You can then copy the text into any text editable application and make necessary changes.
It has a pretty high accuracy rate, but occasionally misses a word or two. Glancing through for spelling errors and making a few corrections is still much faster than re-typing an entire page of text.
1. You can only send on page/image at a time
2. You must be connected to the internet when you send the image; it can’t sit in your outbox and wait for a connection to be re-established
Despite the drawbacks, I have found this incredibly useful in a variety of circumstances and it has saved me literally hours of time.
Find it in the iTunes App Store