How to get the path to the translated node?
After looking at the source of the "Content translation" module I've come up with this solution:

    global $language;
    $translations = translation_path_get_translations("node/42");
    /*
    Returns the paths of all translations of a node, based on its Drupal path:
    array(2) {
        ["de"]=&gt;string(7) "node/42"
        ["en"]=&gt;string(7) "node/43"
    }
    */
    print l(t('Link Title'), $translations[$language-&gt;language]); //l() will return the alias to node/42


This will output the link to the correct node alias. Works and isn't overly complicated - still wonder if there's a function that already does this.