When this was first raised a while ago i thought it was a great idea, however i think the approach suggested is just plain wrong. As it has been pointed out, it is impossible to have the perfect translation of Don Quijote de la Mancha or The Republic etc., equally it is far too difficult and generaly unwiki to try and have multiple versions together; which to me suggests the obvious solution that we need several (completely seperate) different versions of each work. For example we could have en.wikifoo.org/wiki/Don Quijote (literal), en.wikifoo.org/wiki/Don Quijote (simple english) etc. etc. at the begining of the translation there would be a page that outlines the basic ideas to be followed in translating the work (ie. similar to the translators note at the begining of most classics) and then that can be used like the NPOV policy, as a basis for comprimise and collaboration.
I would also suggest that until such a time as there is obvious disagreements between those who are translating literaly, and those who arent, there should only be one version (since it will make it easier to write a literal, or poetic or whatever translation, if you already have a rough translation to start with.)
I also think that this would be another place where my suggestion of a reference tab (to go with the main article and talk tabs) for foot/endnote would be of great use.
paz y amor, [[User:The bellman]]