I have used the WP plugins [Types and Views a few times in the past year for custom post types. It does a great job of making it easy to create, manage and display custom content types (products, recipes, whatevers). The same guys that built these plugins are also the authors of the very popular [URL="http://wpml.org/"]Wordpress Multilingual (WPML) plugin - and as you'd expect they try to make sure [URL="http://wp-types.com/documentation/multilingual-sites-with-types-and-views/"]that everything plays nice together](http://wp-types.com/)
There are also many plugins that are compatible with the WPML plugin.
Separate templates is something that Wordpress handles natively. The only thing you need to do is add a file in the theme directory that starts with a specially constructed comment, for example:
* Template Name: Product Home Page
* Description: A full-width product listing
It's certainly possible to build it in Wordpress, whether it is the best choice depends on a few other factors as well. You might find that there are other CMSes out there that will offer you better/more features/scalability/ease of development etc. Of course these choices will also be influenced by the clients budget and requirements moving forward.
If your post (roughly) describes the scope of the project, then I'd say Wordrpess would certainly be a viable option