I looked into the architecture and the introduction. It seems to be the open source equivalent of Google Translator tool.
It looks promising, because:
1. It's open source and hence bugs can be fixed directly instead of waiting for the company to fix. I speak from my experience of having to do a special cleanup of spurious red links generated by the Google tool (cf. http://sourceforge.net/tracker/?func=detail&atid=603140&aid=3017517&group_id=93107).
2. It seems to have a collaborative translation module unlike the single-user Google alternative.
3. It's integrated into Mediawiki itself, which is a HUGE win.

That said, I'll have to actually see that on a Mediawiki site in order to comment further.

- Sundar
"That language is an instrument of human reason, and not merely a medium for the expression of thought, is a truth generally admitted."
- George Boole, quoted in Iverson's Turing Award Lecture