As near as I can tell, EastSouthWestNorth (ESWN) is the best option for newsworthy translations. It’s run by a man named Roland Soong out of Hong Kong, but it’s in no way simply a HK site. Often he will simply post original pieces, culled from Chinese newspapers and blogs, but he really shines with the selections of material to post and his translations. There isn’t a journalist covering the Asia beat that doesn’t have this site bookmarked. It’s also worth noting that he is also perhaps the most plagiarized source in China journalism, too – particularly by Xinhua. There was a bit of a broo-ha-ha over the main blogger’s political leanings, but as near as I have been able to tell, he is as even-handed as possible. There is a fairly good writeup on the site over at the Standard.
The culture blog section is also very interesting. Some of the latest posts include some letters from Eileen Chang (Here’s one bit of correspondence with Hu Shi). He’s also certainly got a taste for the bizarre and funny.