I’ve been a fan of Nciku‘s langauge learning services for a while now, most notably their core dictionary service. So when they came out with a new experiment today, I’m more than happy to plug it:
You can read Peter the Rabbit, online, for free, in English or Chinese. You can have the words, or have it read out loud for you.
I would have preferred a side-by-side, but so far you can only do a hard swap one from language to the other.