I have an internationalized product. No translation has been done, but the strings are all externalized, so if we had a desire to ship the product localized for a specific country we could get the files translated, have the product tested, and ship it for use natively in that country.
For now the fully internationalized product is all english, but the coding is all done. If someone were to attempt to check in code that was not proper the reviewer could rightly reject it on the grounds that it is not internationalized, and would render the product unable to be fully localized.
But since no testing has been done then it really is not internationalized fully yet ...