I've read it first in Russian (I'm a native speaker) and then in English (Ginsburg translation) when I was learning the language. I don't think it lost too much in translation, but it might because I'm very familiar with the original text. You don't need to know anything about Russia or Soviet Union to enjoy it.

Another book similar in spirit and quality to M&M is "Danilov, the violist" by Vladimir Orlov.