Having seen translated anime and European films, it's always amazing how much the translations get butchered.
I would recommend everyone watch Day Watch for a fine example of this.
Likewise, I can't understand why people who have a grasp of English would want to play Monkey Island translated, it'd most likely be butchered all the same. The only way this is usually avoided is with a large community working on translating something, so they can argue over the meanings and create the best overall translations.
That's why I think that Toothless Gibbon had the best idea, the best translation would come from providing a translatable file, just put all the subtitles in a human-parsable file and allow it to be translated that way. Just externalise the game's subtitles variables in other words.
I think that'd be far better in general than any official translation, for only people who are really passionate about the game could do a good job of it, I think. Just as only people who're passionate about such a game could make it.