I just played through the intro and saved at the first church you come across. To be honest, now being able to play it, I actually prefer the DS version after all. It has nothing to do with the translation however- it's not bad (although, to me, it feels a bit bland; but maybe I've just gotten too used to Square-Enix's accents. At least Sancho doesn't like a Spanish reject).
I just wish Arte Piazza would've looked at making this game less like the SNES version with Dragon Quest VII advances, and more on trying to make it truly breath. The graphical style that is used in the DS version fits due to the console and what one expects from the console, however, the PS2 version disappointed me in this regard. I was expecting an ugly version of VIII and instead I got a pretty version of VII. I guess I was expecting too much from Arte Piazza (shoulda gone to Level 5... but then again, they WERE working on VIII). This does not have anything to do with the translation however so meh
Moot point here, haha.
On a closing note, I love the font used (in the DQ version, dunno about the DW version, but I imagine them to be the same). They're big and easy to read. They don't assume that I'm right in front of my TV or that I'm playing on an HD TV. They do their job and they do it exceptionally well. I also like how professional everything seems. I used hope I'm not bombarded with F-bombs later on...
TL;DR: Like the translation, disappointed at actual game.
I'll probably keep playing, though. Nothing can kill the story this game has.