We have been running global campaigns from a single program. We'll have the global smart campaigns which provide the functionality. Then we'll create folders to localise emails & landing pages. Our process is to first create something in English, review it, once we're pleased we translate to Dutch, French & German. If there's a complex campaign with subfolders it gets to be quite a pain to create a new folder for the new language, then clone each asset individually into sub folders.
Suggestion: When right clicking on a Folder within a Program, provide the ability to clone the folder & its children. If one of the select fields on the clone popup screen could be Landing Page template it would make my campaign manager's heads explode with joy.