Localisation Structure

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I am in charge of implementing our company's new site. The whole thing
is template driven using a DB and PHP. We aim to have the site
localised in many different languages, with some (subtle) differences
in each.
We currently have around 30 domains registered (foo.com, foo.co.uk,
foo.cn, foo.de etc). However, the structure we want to use is to
redirect everything to specific language pages on foo.com. For
example, foo.de would take you to foo.com/de and the main english site
would be foo.com/en. We are just going to use php redirects in
index.php on the server root to achieve this. What I want to know is
whether this is the best way of going about this, and how to help
boost my rankings on the localised versions of google (e.g. google.de,
google.cn). Any help much appreciated.

Another important point - all domains are pointed at the same IP. I
intend to serve everything from one Apache server, but am comfortable
configuring subdomains and virtual hosts.

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