So, we have a Translation Theory (and also practise) course in the UNI which is mandatory for me, and I learned some interesting theoretical consepts that I could simplify to myself via anime.
For example, a Thick Translation or Etnograph is a translation that emphasises the original source language sometimes leaving words untranslated with a footnote indicating the meaning. Most fansubs are Etnographs, leaving Japanese terms untranslated and unlocalised, instead explaining in purtext what they mean.
Most dubs and official subs are localised translations, changing terms for more familiar equivalent terms. Localised translations flow better, but sacrifice part of the original story. But in turn, it can make new meaning. A good example of positive localisation is in Ranma ½ where they changed one character's habit of quoting a famous Japanese poet into Shakespeare quotes (I haven't actually read the series, this is just a tidbit I picked up on TV Tropes Wiki). While the Shakespeare quotes are completely different from the original text (except in themes, usually), it works because most western viewers instantly recognise the style of Shakespeare the same way Japanese audiences recognise the orignal poems.
What was the point of this mini-essay? Nothing really, I just poured some extra gasoline on the sub/dub flame war.