Easier, faster and more reliable translations, a world of seamless and immediate translation within our grasp. Yes, we still the usual issues: context, syntax, intonation and ambiguity. Because a computer system is not context aware, it could grab the wrong word. Additionally, it doesn't understand the language at all. It just tries to decode words, instead of decoding the meaning. Many languages are not similar at all, and do not have corresponding common words and/or their usage is not the same at all.
But with Google's announcement today, we are getting much, much better.
And before my summer holiday break I was in Paris and attended a Microsoft Research event for its Natural Language Processing group and saw the further developments (over the last year) on their Machine Translation (MT) project which is focused on creating MT systems and technologies that cater to the multitude of translation scenarios today, including legal. The key is Statistical Machine Translation (SMT) and that breaks down into areas such as syntax-based SMT and phrase-based SMT. Plus there is Word Alignment and Language Modeling technologies.
These advanced language modeling toolkits mean that problems with morphology, syntax, semantics and word sense disambiguation are being solved. Not completely solved yet, but coming. For the vendors and the multinational companies who need it, the business model is a no brainer. The value of an automated, instant, seamless translation platform to a corporation means the vendor that solves it could charge a substantial amount of money for such a tool.