I do some professional translation work, and translating English into LOLcat, a language that doesn't actually exist, requires a similar set of skills, which surprised me at first, but doesn't so much now that I've had a chance to think about it.
The hardest thing about translating is that you not only have to understand a passage to translate it, but you also have to be able to express that understanding in the target language. The first skill is passive, the second is extremely active.
Not only are you trying to express the thoughts in the second language, but you are trying to do it so that people who understand ONLY the second language will accept your words without thinking they sound odd or like something a foreigner would say.
That part doesn't apply so much to LOLcat, but I automatically found myself trying to think like a LOLcat, which was pretty damn funny.
The benefits of such an translation exercise are fairly clear from the outset. Anybody working on this "translation" is at least reflecting semi-seriously over the meaning of the original words, maybe for the first time. It also takes creativity and a certain amount of brain power to interpret the original and render the text in LOLspeak, both accurately and humorously. (One hopes the result will be both!)
Needless to say, translating LOLcat is much more complex than Britney-trainwreck-watching and other mindless pursuits that require absolutely nothing from the participant except a pair of eyeballs. In fact, the true complexity of the task is much greater than you might imagine at first.
As for myself, I doubt I will spend much time translating the Bible into LOLcat. Though today I've amused myself by imagining what it would be like several thousand years in the future if only the LOLcat version of the Bible survived some weird paper-consuming catastrophe and future scholars wound up trying to interpret it. (Who was this deity referred to as Ceiling Cat? Why are some words written without vowels? And what in the HELL was a "cheezburger"?)
21st century artifact with mysterious inscription.