For those of you who are not familiar this is an application Google basically allows you to take a picture from your phone, then submit that photo as a search query to google. After a short amount of time, search results will be returned to your phone based upon the photo you submitted
Because it's an application still in development, plus the unknown factor which is google's algorithm as it will apply to Google Goggles the SEO factor is still unknown however from what I understand my client who is a Google SEO specialist is starting to realize some of the impact it can have.
Factors which will impact SEO in the future are things like optimizing your photo's of products or logo's and what not, using geographical photo's for SEO, using keywords together with photo's.... These are just a few of the potential uses of this coming application.
In any case with where we're at right now, not to mention where we're going with mobile phones one can only imagine the impact this could have.