For me, the pains of translating is less than the pains with Visual Studio 2005 IDE. In order to reduce your pains, I suggest you install the following tools.
First, Resource Refactoring Tool from Microsoft.
Second, download a tool named ResEx
The first one helps you to extract a hard coded string to a resource string in an RESX file. The second helps you to translate RESX files.
I will go on to translate my project. If I dig something new, I will soon post it here.
[Updated: Now there are even more tools available, such as http://visualstudiogallery.msdn.microsoft.com/3b64e04c-e8de-4b97-8358-06c73a97cc68]