I've been using the other iframe for a long time now and must admit, you're version does present it better. Now from a functionality stand point, you might consider using a percentage for width instead of a fixed width. 95% for the border and 100% for the iframe gives it a nice look. Generally it will eliminate the scrolling from side to side and adjust for different users screen widths.
I have one question you may or may not be able to answer for me but it has not functioned in the other iframe and it won't in this one in the same fashion. Here are two links, one works and the other one does not. The only difference in the two links in the name of the actual page, the first one that does not work is longer. That's it. I've highlighted the difference in the two links in red.
Code:
[if]http://translate.google.com/translate?u=http%3A//777.nifty.com/cs/catalog/777_777/catalog_golgothirteentheprofessional_1.htm&hl=en&langpair=ja|en&tbb=1&ie=Shift_JIS[/if]
[if]http://translate.google.com/translate?u=http%3A//777.nifty.com/cs/catalog/777_777/catalog_fireexpress_1.htm&hl=en&langpair=ja|en&tbb=1&ie=Shift_JIS[/if]
Any ideas or suggestions as to why the longer url will not function in the iframe would be greatly appreciated.