Look out for the first ever Science Fiction and Fantasy Translation Awards in the States. They should be presented in February 2011, to one long work and one short work of speculative fiction translated into English and published in 2010. The purpose of the awards, they say, is "to promote the fiction of non-English-speaking authors and to highlight the valuable work done by translators."
One German book is nominated so far: The War of the Dwarves by Markus Heitz, translated from the German by Sally-Ann Spencer (Orbit), originally published in 2004.
I think this is utterly cool.