A nice and crisp description about how ng-localize is going to make your life so much better. You will ask yourself how you worked WITHOUT it before!

Current Locale: {{item}}

Directive:

No arguments:
<code>
  <localize key="current"></localize>
</code>
Arguments (variable + string):
<code>
  <localize key="current" vars="[vm.locale, 'Bar']"></localize>
</code>
Arguments (variable + string), HTML output:
<code>
  <localize key="current" vars="[vm.locale, 'Bar']" localize-html></localize>
</code>

Filter:

No arguments: Doesn't update in Angular >=1.3 
<code ng-bind="'current' | localize"></code>
Arguments (variable + string):
<code ng-bind="'current' | localize:vm.locale:'Bar'"></code>
Arguments (variable + string), HTML output:
<code ng-bind-html="'current' | localize:vm.locale:'Bar'"></code>