Bravo! Braavo. I have so many to do list in 08 damn I have to work my sorry butt off to make my mark. I will add foreign language monitizing to my list.
I manage my own sites and the sites of one of my customer, this customer have the same site in 4 domains each domain target to a specific language (English,French,Spanish,Italian). The cpm rate of the non English is higher from a 20% to 90% respected to the English version however the English site have more monthly revenue because of the more traffic. Non English sites can earn a lot but before you invest time and money my advice is to build sites only in language you are comfortable because with a foreign language you need to be prepared to resolve also technical,legal and any other issue that could happen in the language of the site you own. The world is not English only, if you write in Italian you will be contacted probably in Italian don't aspect that all Italian people can write English, the same is for other non English people.