Four options to blog multilingual... or remain local

I am confused by a discussion that happened on my French blog today, when you live in a Country like mine where english is not the natural language, you have four ways of approaching the problem:

1. blog only in english, then you're not close to your local audience, or blog only in local (French for me) and you can't create a global conversation

2. mix english posts and french posts, like Martinepage this of course is a problem for those who only read English (or French) because they are disturbed by other posts they cannot read

3. translate every single post in both languages, like Emmanuelle is doing, probably the best solution but that is very difficult for the author because he has to translate every single post and that takes a long time. Also, it prevents the author in a way to talk only about local topics as even though they would be translated, they would probably not be interesting to a global audience. I should say I am tempted by this option

4. two blogs, one in English, one in French, the option I chose. This option has some drawbacks too, the blogs are less powerful in search engines because split in two. For example the Technorati links are spread in two and do not add-up here is what happens for me:
-my French blog has 1219 links from 750 sources
-my English blog has 468 links from 320 sources

the result should be 2906 links from ? sources where the entire domain shows 2195 links from 1213 sources. This shows that the numbers do not add up easily and that there are many people not linking to the blogs but directly to the domain...

When you look at the ranking of the European blogosphere we did with 50 bloggers, it clearly shows the demand for local Country rankings and a global European one. But Europe is a mix of languages and cultures, and also of ways of blogging (people like Heiko are Germans but only blog in English, while others only blog in their language...)

So what should be the right way of blogging multilingual according to you ?
What should be the right way to show rankings of these blogs using Technorati ? Thanks for your help...