I enjoy reading LNs when I have the chance, and I prefer fantasy-type series over the romance and slice-of-life types, mainly because there are too many harem elements otherwise. When I'm not reading LNs here, I read through light novels, first with a dictionary/wiktionary to learn kanji, then with a machine translation so I can actually make progress. Any "translation" you see under my name is going to be a machine translation, even if I put the effort to translate with a dictionary, since I am absolutely confident my skill is currently below a machine translation. Below are some of the series I have invested time in or plan to do so.
I'm getting this question more than I expected, so I'll put what I do up here (roughly).
1. Find raw text or convert raw images to text. ABBYY FineReader does well for the image to text conversion.
2. Insert any line/page breaks that might be missing. I match this up with the raw novels so it's easy to find any mistakes I might notice in the future.
3. Change any common terminology/name to English with Find/Replace. It just makes things easier.
Program: Translator Aggregator w/ Atlas, Google, and Excite always running. I will use other free machines (i.e. Bing/Babelfish) if I need them.
Process: Convert by line (i.e. block of text)
Convert by sentence if conversion by line is difficult
Convert by fragment if conversion by sentence is difficult
Mark anything I find difficult to understand, poorly converted, or difficult to convert
Read the converted chapter to check for inconsistencies (i.e. lines which were poorly converted, or re-converting if more information was derived later in the chapter/book
Read the converted novel for a general English edit.
Pacing: 2-3 pages/hr (Personal Translation followed by Machine Conversion), 5-20 pages/hr (Machine Conversion only, depending on the complexity of the novel)
As a side note, I am currently not doing any of the above. If I'm reading it, I'm reading it with a dictionary in one hand and Dover's in the other. I also use Denshi Jisho's online dictionary. Due to this, I am not doing Machine Conversions anymore.