A friend of mine is running a great web site that lets you compare the best three translation engines: Google, Yahoo Babelfish, and Microsoft Bing
Translation example from English to Chinese:
I have just bought a new 2200 square feet townhouse with four bedroom and three and a half bath, no back yard but only a little front yard.
1) 我刚刚买了新的2200平方米，4间卧室和3个半浴室，没有后院但只是少许的前院脚排屋。
2)我買了與四臥室和三個半浴，沒有后院，但是僅一個小的前院的一棟新的2200平方英尺連棟房屋。
3)我剛買了一個新的 2200 平方英尺廳具有四個臥室和三個半浴、 沒有後院但只有一個小小的前院。

Interestingly Google Translate uses Statistical Translation;Microsoft Bing Translator uses Rules and Statistical Hybrid;Babelfish uses Rules Based Engine.

They need your help to do a survey by giving you a chance to win a big prize – Apple iPad:
Try it, and you will love this translation tool. It is also a great tool to learn Chinese.
It translates from Chinese to English and other languages too.