I'm totally for modularity in E0, but I think what we talk about here could/should be solved by using core mechanisms of E0. We could allow more than one link per toc-item, having one default, and optional extra links using rel=alternate. Alternate links could be differentiated by using type, media and/or hreflang-attributes. I think this could be valuable not only for parallel language scenarios, but also for accessibility, handling fallback for mediatypes and screen issues, etc, etc. Reading systems could automate the handling of reading order of these, or present them as active user choices based on hardware, configuration and preferences. I could read one chapter on the train, and listen to the next while walking the dog. An advanced reading system could present language alternatives side by side (and yes, having separate streams, viewports, regions, whatever, is a nice idea for etextbooks and other complex publication types).
I also think it could be useful to distinguish between modularity and profiling. Modularity when we need to extend the mechanisms of ebooks, and profiling when we need to talk about how certain mechanisms and their uses would be useful/required for a specific type of publications, like cookbooks, etextbooks etc, and could be handled by reading systems. Media overlays could be a module, while children's picture books, that often use media overlays, could be a profile. I don't mean that we necessarily should standardize on profiles, but it could be a way of addressing specific needs and separate them from the modules that could be useful for various publication types. For me, 'parallel language edition' sounds like a profile, while the mechanisms needed would be on a more general level in core or in a module. For example, mechanisms for referencing locations in a book could be a module, using these mechanisms for syncing between language versions could be part of a profile.
Kjartan