Spotted via @WilliamHarvey, Google has added a new knowledge graph/OneBox feature where if you begin to type "Translate" into the Google search box, through Google Instant.
As you begin typing, Google will show a dynamic knowledge graph box asking you if you want to type of speak a translation. Here is a screen shot:
Google has offered translation in the search results before, but this is more of a very quick search tool that gives you the translation almost in an instant.
Nice touch Google.
Forum discussion at Twitter.