Really like the approach of translation this plugin uses. Even so I was surprised for the first installation, why you need a multi-site-setup, it got more and more clear ;)
The only thing that's impossible is, mixing languages in a single listing. If you're looking for a possibility, to make a multilingual post and show untranslated posts in a different language than the page is for, then this plugin most likely is nothing for you.
If you're looking for two separate sites, where no content of the other language can swap in to your site (whatever plugin you take - it just has to support the multi-page-setup) but content should be linked together as "this is the translation of that", this plugin is for you.
You can also have content on both pages (or languages - you have a page for each language), that's not translated and show a monochrome flag instead of the nice, colored one in the flag-menu.