Each page and CMS entry is translatable. When creating fields for a Collection, mark whether that field is translatable (some fields won't need translation, like references to other collections, price fields, etc).
An option for Links should be added to choose a language (in addition to external links, pages within the site, etc).
From infrastructure improvements, to staffing up our team, we're currently working through various initiatives that will enable us to create a foundation for multi-language sites. Though we can't commit to any timeline, as a team we recognize how important building multi-language sites is to all of you.