Of course you can use multisite when it’s about running multiple websites with one installation. You can also use plugins such as MLS to links content. That could be useful to add links to other versions of your posts.
To me, multisite + MLS is better regarding perfomance if you compare this with solution such as WPML and qTranslate but it depends on what you want to do. If you need to translate medias, theme and plugins so you have a lot of things to translate the plugin WPML is also a good and handy solution.