It's not a full answer regarding the translation dictionaries, but if we're to believe the kobo glo FAQ, I think it will at least have single-language dictionaries of these:
Which languages does Kobo Glo support?
Kobo Glo is a truly international eReader. At first launch, the Kobo Glo will be available in English, French, German, Spanish, Dutch, Japanese, Italian, and Portuguese. We’re going to be launching more language support shortly, so stay tuned!
from:
http://www.kobo.com/koboglo/support/