Posting same content in 2 langs

Has anyone figured out a slick way to blog bilingually? In otherwords, the same content is in two languages. I saw the post about the Javascript switch deal, but that requires posting twice. What I would like to create is a Write screen that has two title boxes, two excerpt boxes, and 2 content boxes. That way I could just post once, simultaneously.

There would be a lang switch on the userside where the reader could select what lang he wants to read the posts in. Obviously this will mean an extensive mod to the DB, and permalinks will probably all get screwed up. Any other problems I am missing?

Should I just go with the Java switch?