[languages]
id (int PK)
code (varchar)
[products]
id (int PK)
name
price
all other fields of product
id_language ( int FK )
I actually use this method, but in my case, it's not in a product point of view, for the various pages in my CMS, this work's quite well.
If you have a lot of products it might be a headache to update a single one in 5 or 6 languages... but it's a question of working the layout.