For very specific problems, yes. The translation classification example is definitely a type of prediction problem that would be good for this service.
However, this is far from a silver bullet to ML problems. It can be quite dangerous, for example, to send off a bunch of data to google and immediately trust their analysis without knowing the underlying application of their algorithm. As a researcher in this area, what I would LOVE is if I could create my own algorithm, send it to Google, upload enormous amounts of data, and get back a result. Because right now it's difficult to scale complex algorithms to datasets in the GB-TB-PB range. Mahout is taking a valid stab at this problem though.