The elements are simply more optimized for a larger screen. While it doesn't really make remarkable use of the large screen, it is a very useful tool to have on your tablet.
Google Translate lets you translate between 63 languages, while 17 of them can actually be spoken into the device and 24 can be read-aloud. So you can have your iPad as a translator while you verbally communicate with a person speaking a different language. Of course you need an Internet connection to use the app and service.
The app is free and available here. If you have the iPhone version already installed on your iPad, it should probably update into the iPad version automatically once the update is downloaded from the app store.
