Whatever you do with translations, consider translation management issues. For example, you are developing a multilingual web site. All kinds of labels and buttons and form fields are nicely translatable with trans template tag and ugettext. You have po files that follow your code from dev to stage to production environment.
Now you add a CMS into the mix. And suddenly - you translations are in more than one place, in more than one format and follow different routes to production.
Now imagine that you need to add Chinese language to your entire site. The translator is an off-site contractor. What files would you send to him to translate? How would you generate them? How will you integrate them?
If someone adds or changes a page on production in English: how will your developers see that change? how will you know that an updated translation for Chinese is needed? how will you manage the update of the translation?
If you make a CMS and don't have at least the export_po_file and import_po_file management commands, then you are not really multilingual. It is either that or figuring out your own answer for the above questions.
I have finally found a Django-based CMS that has those - http://pythonhosted.org/django-page-cms/ . Have not really tried it yet, but I am hopeful.