In Android, you can specify the texts in the default locale in res/values/strings.xml. Additional translations can be added for new languages in res/value
I'm the Product Manager for MOTODEV Studio. As @hjw mentioned, this is a feature of MOTODEV Studio called the "Localization Files Editor". This editor is similar to a spreadsheet and lets you see all your strings in one view. You can edit as a spreadsheet or the underlying XML in the same view.
MOTODEV Studio is a branded version of Eclipse, so it should work with your existing projects if you use Eclipse. If you prefer to continue using your existing Eclipse setup, you can still use MOTODEV Studio to handle the editing of the string.xml files, just so long as only one version can have the workspace open at a time.
If you have any questions about how to use it, feel free to send me a message or post on our discussion boards at developer.motorola.com