I'm really excited about this, since not only do they have a decent translation page, they're also exposing an API:
Developer's Guide - Google AJAX Language API - Google Code
Way to go, Google!
This opens doors for applications, both web and [internet connected] desktop, to perform translations.
They also have the ability to detect the source language, but I'm not sure how useful that would be for me personally, but it's a cool feature nonetheless.
