That's the basics, yes, but a few more details for you (SP2010)...
- Firstly this only works in Publishing sites, so you need that feature
- The timer job (runs every 20 secs) will only push across published pages, so ensure your page is a major version.
- The new page on the target site will be a a minor/unpublished version, awaiting your translation. It wont transalte the content for you unfortunetly (..coming in 2013 I think?).
- The content types must be the same, but the target can having differing master pages or page layouts.
- (and I believe it is difficult to turn variations off once enabled, so just be aware of this)
We found users were getting frustrated with the automatic propagation of pages, so we ran a PowerShell script to set it to manual, which allows them to force the propagation over when they felt a significant change to the content was made, as opposed to a typo fix. (I think there was an MSDN article on this).