Multi-Language Support Idea

Just an idea... I've seen multi-language support implimented thus far as one (or more) files with the alternate language versions of key words and/or phrases. This is great, and allows Geeklog to be used in other languages.
Wouldn't it be great if a single site could be viewed by anybody in any language? Not just the certain phrases, but all added content? I've kind of devised a way it would be possible, but not without some serious hacking. Here's the idea:

Static storage method:
Separate versions of the contributions are kept for each language. The first time an article is requested for a specific language, it is translated on the fly and added to the database. This new version is then displayed to the user in their chosen language.

On-the-fly method:
Item is stored only in the language it was originated in, along with a flag indicating the language it is in. Items are translated on the fly for ech request.

The second method involves much more overhead, but less resource space on the HD. With the price of HDs these days, space is usually not an issue though. The second method also ends up being more processor intensive, which means it may not "play nice" with other applications on the server.

I have figured out a way to use the SYSTRAN Personal 4.0 language translation software to translate from within a CGI program, so, using this you could get translations to and from any of the language translation pairs offered by SYSTRAN...

Is this a feature anybody would find usefull? Will this be any easier to accomplish in GL2? I invite your comments.