Before the Google translator toolkit you had just Google Translate which was multi language processor which made your traslated web copy or emails sound robotic and probably very bad in terms of reading fluidity and nonsense.

Tools featured on the editor include translation search, bilingual dictionaries and a ratings system.

Google said the Translator Toolkit is integrated with Wikipedia and the online knowledgebase Knol, allowing users to translate and correct articles using common document types such as Word and HTML.

Furthermore, Google’s automatic translation tool Google Translate will ‘learn’ from the corrections users enter with the Translation Toolkit, creating a “virtuous circle” for converting content into 47 different languages covering over 98 per cent of worldwide internet users.

I think this is pretty nifty and will get a good response from the internet public at large.  Whether its any good for corporate use remains to be seen.