Just in the first few seconds of this short video this gentleman (I
think an eminent IBM related scientist) drops the following
phrases/words:

can understand
program itself
cognition
new generation of computing

Watson clearly is impressive.

It's easy though to get carried away with the hype.  Sure, it can
"understand" (within constraints).  It can program itself (within
constraints).  It can do something else (within limits).  But, when he
leaves off the qualifying phrases you have to do that sanity check
yourself.

http://www.youtube.com/watch?feature=player_embedded&v=6X6W6Tc6E9A


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AGI
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