Good luck with that since I know translation between English and Mandarin is spotty at best through any current translator program out there. I don't believe skype's will be much different. At least the tech will be there and continue to improve.
English to Spanish/Italian should be much better though since they're all latin based.
Even if some English words have a latin influence, English grammar is very different from latin languages. Automatic translators do a mediocre work when translating from English to Spanis/Italian or viceversa. Of course they do even worse with Chinese (which has nothing to do with the use of latin characters). The only case where translators do a good job is translating Spanish to/from Italian.
But in that case no translator is needed, spaniards and italians can understand eachother without the need of translators.