Not all translations are the same. Literary translations are often works of art in and of themselves, and automating them would be missing the point entirely, like automating homework or weightlifting at the gym. I don't really know what's the state of the art, but I do buy that, on the other hand, translating toaster manuals or generic copy could soon be automatic.

Yup. If you are bilingual, you quickly realize how some translations are very bad. How some translations are very good. And how hard it is to translate. With dry, simple text, it might be easy. But when it involves art? Some jokes don't translate directly. There is pun. Sounds of words. Double meaning. Ambiguity. Cultural background. The creation of new words.

It can be reasonably argued that some poetry can be impossible to translate from some languages to others. A poem might be explained, but by a lenghty, dissecting explanation, that completely loses the point of it.

When it's one one-hundredth the cost, "good enough" is generally good enough.