Google keeps experimenting its translation service on its different products. Whether its a Google talk, Google docs or Google Friends Connect. Google tries to make people from different countries talk with each other without the language barrier. The recent experiment is Youtube closed captioning.
YouTube has turned on the ability to add full closed captions to videos for quite some time now but they have recently introduced an interesting feature called Transcribe Audio and Translate Captions. What this does is enables the auto caption for the "English" language videos and then allows you to translate automatically using its Google Translate feature on the fly.