Google has announced full inclusion of language translation to Google Reader. Now you can pull feeds from a variety of languages and translate the content in seconds through your feed reader. To do this, simply click on the feed you wish to translate and then click the "Feed Settings" drop-down menu.
This has several implications for consumers and publishers alike. On the consumer side, you can read blogs and articles from around the world without the need for a third-party service. For publishers, you can expand your offerings to your readers. If your website has an international flair you can offer your readers more information straight from sources across the globe. For example, if you run a travel-oriented website you could offer users a distinct "local" angle to events in other parts of the world, all from the ease of your Google reader.
On the other end, you may find that foreign websites take an interest in your content because of their newfound translation ability. It's a good reason to continue pushing RSS subscriptions on your readers. So, if you want to attract a more global audience, polish up that RSS button and give it some prime real estate on your page.