Content (node-level) translation or entity (field-level) translation?

It seems an obvious question to ask, but what are you translating?

The tools exist to translate just about anything in Drupal 7*, but in many different ways, so you need to know exactly what you're translating. Language is 'a first-class citizen', in the sense that any piece of text is inherently written by someone on some language, which Drupal 7 is built to recognise. Sometimes you want to translate each & every individual piece of text (e.g. at the sentence or paragraph level). Other times you want to translate a whole page or section that is made up of multiple pieces of text.