I’ve made something similar with svn, but now I’ve changed my mind.
If I ever start a project with the need of versioning and localization (l10n) I’d definately use Monotone
http://monotone.ca/
The advantage is that is saves everything in one or more database files, it is so much better, but I think you can inform yourself about it on its homepage.
I would use extra tables for each language to enable localization, so everybody who authors a page can choose (dropdown etc.) the language then the localizion (ie.: en-us->Texas).
The versioning part is way more complex.
First, every change on pages can be automated by schedule and/or commited manually when needed by RPC to the monotone database (not a (my)sql db, but maybe possible

).
Usually this is very hard to code yourself, but thanks to [remote/or not] (PHP)XML-RPC, which is even built in(!) since PHP 5.2 it can be accomplished much easier.
@rthrash this is the way I go around the servers who don’t support my sweet monotone. Sounds simple, for experienced PHP developers, but scary for beginners. Hey but they know at least howto even if they can’t do it itself. This is why people like you are online =)
After the commit you can visit any page you like, and say, hey I need version xyz click the checkout revision button and the magic happens.
Monotone DB gets read by PHP and and returns your revision.
Yea, again all this is so much effort, okay you’ll benefit of it, but can’t you make it easier boiii?
Yes we can, even visually more attracting, and foolsafe ;-)
Have you heard about SIMILE & Exhibit Project [timeline, maps, tables, etc..]?
No? OMG!
hurry and read this: http://simile.mit.edu/ & this
http://simile.mit.edu/exhibit/
This is my idea: Simile can track changes

and display them in a timeline (so much more eyecatching than any other thing), so you can post in intervalls or manually changes to it.
What else do I need to explain?
I don’t want to go into more detail, got to sleep now
Timeline reminds me on Minority Report, where is my transparent touchscreen? heheeh