Does Drupal 7 Entity Translation Translate? I've gone through the process of setting up Entity Translation and get the option for Translation, (for example a basic page). When editing the node, I get the translate tab, but see nothing there that actually translates. It appears that the functionality is the ability for the user or admin to supply the translation, and Entity Translation provides the link to the proper content depending on the translation option(s) specified by the user or browser, or other language selecting trigger.

I was hoping for an actual translation of content. Does that happen, or can it happen?

Modules installed and/or enabled on 7 include:


Entity Translation
Title
Entity
i18n
Variable
Localization Update
You need to edit your fields and make them translatable.

EDIT:

Ah, misunderstanding. Entity translations provides a user interface that allows you to translate entities. It doesn't translate itself.

What you are looking for in that case is Translation Management Tools*. It integrates with content translation, entity translation and more and allows to send text to a translator and save the translation in the correct place. There is a large list of supported translators, including a simple export/import, translation agencies, a local translator and Microsoft Translator, which is a machine translator and probably what you are looking for.

It's goal is to facilitate the management of a multilingual site with overviews, bulk operations, configurable review processes and a flexible, extendable architecture. It is, however, a new and large project, currently only available as an alpha and not every subsystem is finished. Notably, Microsoft Translator is currently broken because they changed their API, see http://drupal.org/node/1574516.

*Disclaimer: I am the maintainer of that project.