Google Translate added a few years ago a "select all" button that automatically selected the translation, so you could easily copy the text and paste it in an email message, a document or somewhere else. In Chrome, the "select all" has been replaced with a new "copy" button that selects the entire translation and copies the text to the clipboard. The nice thing is that this feature uses HTML5, not Flash. Unfortunately, the new feature is only available in Chrome and all the other browsers still get the old "select all" button.
You can still click the star button to save a translation to the phrasebook or copy the URL generated by Google Translate, which includes the original text.