Google has updated the Google Translate app to support 12 more languages in the conversation mode of the Translate app. They have also added the ability to post-edit and correct speech input in Conversation mode as well as the ability to view translations in full screen mode.
They've created a video just to demonstrate the Conversation mode here:
Even if you don't use Google Translate or have not much use of it at the moment, give it a try, I'm sure you'll be "wowed". Also if you noticed in the video - the audio playback is no longer the usual creepy robot voice and Google has switched to a cloud based text to speech system which no longer uses the built-in Android TTS engine anymore.
Head on over to the link below to grab this latest version of Google Translate and give it a whirl:
Google Translate (FREE) - Android Market