Shooting the same movie simultaneously in several "language" versions (like Universal's DRACULA) was never an abandoned practice, at least in Europe and India.
In the 1950s for instance, several horror or fantasy French movies were made this way, like "Bluebeard" shot in German and French by Christian-Jaque, with Pierre Brasseur ("Eyes Without a Face") and Hans Albers ("Munchhausen") in the title role. The same director also made "Singoalla" in Swedish, English and French, with Viveca Lindfors in all three versions. And Julien Duvivier made "Marianne of My Youth" in French and German, with Marianne Hold in both, but her co-stars were Pierre Vaneck in French and Horst Buchholz in German... And don't forget Bourvil and Joan Greenwood in the French and English versions of "Le passe-muraille / Mr. Peek-a-Boo", both directed by Jean Boyer.
In India the practice still continues. YAVARUM NALAM was made in two different "language" versions in 2009 by the same director, Vikram K. Kumar, with partially different casts. And this time it's a true horror movie, not a fantasy. You maybe know it under its international title, "13B - Fear Has a New Adress". This is the Hindi version. If you need additional informations about the other (in Tamil) shot simultaneously, here is the link:
http://en.wikipedia.org/wiki/Yavarum_Nalam
As you can see, half of the cast is different in each version. I have just seen both and there are some differences. At least one character's name changes, "Dr. Shinde" (in hindi) becoming "Dr. Babu" in tamil... but played by the same actor.
Below are scans from the Hindi (left) and Tamil (right) versions...
