Google has cleaned up Translate with a new look, and threw in a few new features for good measure:
Translate as you type - The only problem with this is that any translator will tell you that langauges don't translate word for word. But this has always been a problem with computed translation, so it's not like the problem is worse with this or anything. Taking away the need to click a button feels like part of a greater strategy Google is testing, such as the recent homepage tests where the buttons under the text box were removed.
Romanization of character-based languages - If you're translating to a character-based language such as Chinese, you can select "Show romanization" to get the words displayed phonetically in English. This is not yet available for Hebrew, Arabic, or Persian.
Text to speech - If you'd like to hear how your translation sounds, just click the speaker icon.
For more information on these new features, check out the video Google put together: