When I create a new page and translate it, it works great.
However, if I try to translate an existing page, which was created before I installed this plugin, it redirects or shows the homepage.
This is my debugging information
@SNaRe, I was having same issue couple of months back and after much efforts we dropped idea to go with qTranslate.
Finally we go with wpml plugin (The WordPress Multilingual Plugin), and it was good choice.
P.S. I'm not promoting you to buy commercial plugin or I'm not representing WPML. I'm sharing my thoughts for betterment of the community. We've chosen WPML because our client was ready to pay otherwise we will search for other Free Plugin options.
Also, Here is a reason why we choose WPML instead qTranslate, posted on WordPress Codex site...
http://codex.wordpress.org/Multilingual_WordPress
some excerpt from same post...
The free qTranslate plugin appears to be broken with WordPress v3.0, but you can try Multisite Language Switcher, Multilingual Press or purchase WPML.