When asked what is a translation, many people would probably reply that it is converting words from one language to another. Although this is fundamentally correct, the true beauty of translation lies not within the words, but is held deep inside the thoughts, feelings, and emotions that those words try to convey.
And that, friends, is where the fun comes in! Most anime fans I have talked to seem to think that accuracy in translations is most important. Of course, we do not want to put words in the original author's mouth, but by aiming solely to translate word for word, the accuracy of those original thoughts behind the words begins to become skewed. By 'localizing' a translation into a different culture, you can better convey those feelings the author originally intended to portray.
Just for fun, I take this idea one step further and try to harmonize a song to a specific anime character. It's a little more complicated with matching voices and personalities, but it's quite fun when you have the time.