Ours is an open-source Mac application localized by volunteers. These volunteers will do their work on special localization builds of the software (with unstripped nibs), th
I confess that I'm not all that familiar with the process of localizing Mac apps. But I did run across a script that's part of the Three20 iPhone library that seems like it might be useful: diffstrings.py is a Python script that "compares your primary locale with all your other locales to help you determine which new strings need to be translated. It outputs XML files which can be translated, and then merged back into your strings files."
EDIT: As a companion to Wil Shipley's answer to this question, I'll add a link to a blog post he just wrote that goes into more detail about localization, and provides some of the tools that he's built to ease the process.