Check out sl.iciba.com to read current news with English on the top and Chinese on the bottom. Although there is no pinyin, you can see the meaning of Chinese words in their context.
In the definition window you can see definitions and bilingual example sentences, although many of the example sentences seem quite obscure. You can also search for other Chinese words directly from the pop-up window.
Do you have any other useful English/Chinese bilingual websites? Share them in the comments.