You know it's funny - just a couple of weeks ago I was thinking outloud to Nathan Seidle about the possibilities of having an Arduino run a PBASIC interpreter (which would have to be reverse engineered) and after he told me what a dumb idea it was I got to thinking - being an educator and all - that the translation should happen in my student's brains. That it's good for them! 
Of course we'll have a load of examples already translated on the site - it will be a great start for BS2 users who want to try Arduino and learn the language...and let's face it, there are a TON of BS2 users out there.