After a great meeting yesterday evening with Dan, the organiser of the Melbourne Chinese language exchange and founder of Globalhearttours, I did some research on websites similar to the Marco Polo project. Well, there aren't really any.
I found one, though, worth keeping an eye on and engaging with: yeeyan.org translates articles from the Western media into Chinese. After being closed by the Chinese government for a while, the website reopened, with more of a focus on business books. Their focus is mostly on bringing Western news to the Chinese readership, not the other way round.
I did find quite a few sites talking of crowdsoucring translation though - seems it's an idea floating around. Let's harness it, and build a nice website now! First step will be, find contents to translate, aggregate. Ideas, suggestions anyone - what's hot in China?