It was mentioned before on LessWrong, but I feel people might appreciate a reminder:
http://www-03.ibm.com/innovation/us/watson/what-is-watson/countdown-to-jeopardy.html
It's a bit of a cheesy PR thing - I'd be a lot more interested if they connected the program on the Internet and allowed anyone to try and ask them general questions, rather than mixing the program with voice recognition and (heh) buzzer-pushing. Trivia tests are also probably one of the easier challenges to deal with, since keyword filtering alone is very efficient in narrowing down the candidate space.
Still, I'm going to watch it if I can: if anybody knows of a streaming link that is accessible to non-US viewers, that would be appreciated.
(Silly aside: is anyone else annoyed by how "Jeopardy" pretends to invert the traditional question-answer format, while what it does is simply moving the "what is" from the former to the latter, even if the result makes no sense? I suppose to US people this is a rather old complaint, but I learnt about the show today and I'm rather bugged by this feature.)
Having looked through their overview paper, I'm no longer sure. They do have modules that do parsing and semantic role labelling and such. But their model is a mixture of dozens of individual models. So it's tough to say much about how things are fitting together. They use more sophisticated techniques than I thought, although I don't know how much contribution those techniques actually make in the final decision.
Thanks for looking at the paper and passing on the info about what's actually going in inside it, btw.