To have been around the block ~ to have experience/to be experienced ex: I've been studying Korean for 5 years, so I've been around the block before. ~ (I have been studying Korean for 5 years, so I have a lot of experience with the language) So, I think the translation is pretty close.

In recent years in the US, to say someone has "been around the block" is not positive. It has come to often mean that the person is experienced sexually. "He/she's been around the block a time or two" is the common expression for this. I would no longer use it to mean that someone has professional experience in their field. They would not appreciate it. If you want to say that someone has a lot of experience in a certain field, then just say that. "I realize that you have a lot of experience in xxx." Some people, e.g. a contractor, when they are questioned re: their experience will make the off-hand remark, "Well, you know this is not my first rodeo." (Meaning, "I know what I am doing.") (Then, in this type of off-hand, very informal situation, a person might add, "You know, I know what I am doing. I've been around the block a time or two.") But only in this type of situation. Otherwise, I would not use this expression to show professional experience. Also, note that it is the contractor, for example, who makes that comment about himself. Not someone saying it to him.

Around the block does mean to have a lot of experience. I'm pretty sure it come the idea of city blocks in America. If you've walked around the block, you've seen everything on the way around the block. Therefore, if you walk around again, you've seen everything at least once before.