This is partly a follow up to my earlier question: How can I make a site viewable in multiple languages?.
It turns out the client wants to have the content manually translated, rather than using something like Google's translation tools. With that in mind, my first thought is to use a multisite installation with subdirectories, i.e. site.com/en/, /fr, /cn, etc.
Is this the most logical way to achieve the desired result. Keep in mind only the content needs to be in multiple languages, not the admin interface.