First is automatic translation of webpages in language different from your preferred language setting in Chrome. The browser automatically detects the language and offers you an option (via a drop-down menu bar below the bookmarks bar) to translate it, using Google's translation tools. I've tried it out, and while it works well on some pages, sometimes it doesn't recognize the language (for example, Baidu.com is not recognized as a Chinese webpage, possibly because it contains very little text).
You can also set Chrome to always translate pages in a certain language, which really can speed up your browsing if you often open pages in foreign languages. However, there's no option to manually translate a webpage, which is an odd omission, especially given the fact that Chrome's language detection doesn't work perfectly yet.
The other interesting feature in the new Chrome beta is the new privacy settings, available under Options -- Under the Hood -- Privacy. With the new options, you can fine-tune your privacy settings and control how Chrome handles cookies, images, JavaScript, plugins and pop-ups for individual sites.
Check out a demo of the automatic translation feature, as well as the new privacy settings, below.