I had an opportunity to talk with Nikos this afternoon and learn more about Lingospotand what they are doing. I ran into the company at the Blogworld conference last November in Las Vegas. The best way to understand what they are doing is to see the demo on the web site.
As a blogger, I am always looking for ways to differentiate my blog and Lingospot is certainly one way to do it while providing a lot of additional content and explanations for key areas in your posts. For the service to work properly, they have to go through and index your articles and posts, which takes a couple of days. Hopefully, you will be able to see how it works when they are done indexing mine.