Google Blogoscoped points to a Christian Science Monitor article that takes a look at some of the machine translation work that Google and others are working on.
Systran, the company whose technology is used Yahoo's Babelfish and other sites (including Google's) are mentioned.
Another company doing work in an area related to mechanical translation is Basis Technology. According to this article, Google also uses Basis technology.
Finally, if you're interested in quickly comparing a bunch of online translation programs, Michael Fagan's Translation Wizard, is very useful.
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