It's in English but goes for a very literal translation (at the expense of readability). Where multiple Greek words translate into the same English word, there is an indication in the text as to which Greek word was used.
The main page of the site gives a little overview of the intent and process of this translation.
I've found it helpful and interesting as a way to ease into the Greek (without, you know, actually looking up Greek words).
Josh pointed out to me that the Amplified Bible translation can give similar insight. Words and concepts are expanded on in parentheses as you read to supply the subtleties of the Greek. I think more emphasis is placed on understanding concepts in this translation than the other (vs absolute literalness), but using a different means than a translation like the Message.
The Message "version" is not a translation. I always take every opportunity to make that statement. Although it has a lot of value as a sort of contemporary-commentary, it certainly isn't meant to be seen as an actual translation, if so that guy should be spoken to very sternly!
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