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Yeah, I don't think it will be such a miracle. Will it get better than what we have today? Absolutely! Will it render the study of a foreign language obsolete? Hell no!
Anyone who speaks more than one language well enough knows there is no perfect translation of almost any sentence. I really doubt it will be possible for a machine to encompass every nuance of each word, relative to the precise culture of the person who utters it.
I think a better alternative is to adopt an international auxiliary language, other than English, and to teach it to the younger generation.