Ran FakeLion over our current project.  It's actually pretty cool just as a design tool.  The text is backward and in a weird "font", so you aren't distracted by what is says, you just see the site's layout with text-where-text-will-be.  With this being the third time we've used it on the project, there really wasn't all that much text left un-translated, but it did point out a few errors in the regexes used to transform the text (basically text with %%(this)s is having the first % treated as text, so the result doesn't have the same variables as the original.  Should write up some documentation too while I'm looking at it.