Today I've downloaded a new lackey version (09-20-13) and noticed that button which allowed me to see translation of card text is missing. In the version I used before it was placed right under card image. There is an option in preferences tab "Always show text over card in image viewer" but this is not very comfortable in my opinion.
The button in the preferences is exactly the same function as the button where it was. If you don't like going to the preferences section, maybe you would prefer the tilda button which makes the text box appear when you hold it down.
I didn't think it was worth the space and added complexity to keep a row of preference buttons in the main game window.