I struggled to get my site in English and Dutch (simple site: Dutch site is equivalent to English, just translated). The Joomla 1.7 approach is too difficult, requires too much duplication and does not show an alerts on Dutch content when English content has changed.
Falang instalation was a piece of cake. It does not require third party stuff that makes the use on hosted sites difficult (like GTranslate that requires IonCube loader). It workes very well: You make your site with one lanuage and use Falang to translate all modules, content and menus. Falang will show a list with red (to be done), yellow (original stuff was changed) and green (translated) signs. That's all you need!