This might be slightly off-topic since this post is about FFIV in general as opposed to this specific patch, but since this is the first version of FFIV that I'm playing I'll post my thoughts here anyway.
So I've been playing this for a bit on my Wii, and I have to say, coming into this from FFIII DS (since I'm on a quest to play FF1-6), this is freaking amazing. FFIII (the DS remake, at least) was a huge grind fest that had a very slow pace and the N64-like graphics that the DS could barely handle slowed down the pace even more (It took me about four months to beat it, playing on and off). Whereas in FFIV, I was amazed at how instantaneously battles started and the overall much faster pace of the battles. Even though I'm coming in from the DS version of FFIII as opposed to the NES version, the SNES version of FFIV still feels like a huge upgrade, as everything is much faster-paced, the story is much more engaging, you can have a party of five, the pseudo-turn system where characters now have to "charge up" makes battles a lot more fun and even chaotic at times, and overall it's just plain fun, while FFIII felt like a chore to play. The pseudo-16-bit (b/c the sprites only use 8 colors cause its an early SNES game) graphics don't bother me a bit, as they look quite nice on my CRT, and the overall presentation feels a lot more natural than playing ugly FFIII stretched on the N3DS XL screen.
The script reads very nicely, so I thank vivify93 for that, so that a newcomer like me can enjoy the SNES version of FFIV. I also thank Rodimus Primal for making this patch that modernizes the spell names, as the modern names are what I'm used to since the only FF games I've played through are the modern versions of FF1-3. It's nice to be able to play the original version of FFIV and still get the modern names, something I wasn't able to do with FF1-3 (as I played the GBA and DS remakes of those). Someday I hope that the original versions of FF1-6 are all playable on their original systems but with updated translations and names, which is why I'm doing my FFII project. If it wasn't for Namingway Edition (and by extension, Project II), the only way I could have played FFIV with spell names that I'm used to would have been either the GBA version (which according to Legends of Localization, has an amateur translation full of outdated jokes and memes), the PSP version (I don't have a PSP, and its script is identical to the jokey GBA translation), the DS/iOS version (which Legend of Localization says has a near-perfect translation, but I hated FFIII on DS so I probably would have hated FFIV on DS too).
One typo I noticed, during the event that takes place at Yang's home castle (I think), one of Edward's lines says, "Damycan" instead of "Damcyan" like its spelled elsewhere. I'm assuming that typo is present in Project II as well.
Playing this has also rather "inspired" me to take a different design approach to my FFII retranslation. (sorry if this is getting off-topic) I'm developing a more robust text-editing tool for it and I'm going to reformat the text so that the presentation is near-identical to Project II/Namingway Edition, in that the font will be identical, and the format style will also be identical (no space bytes after semicolons, commas, and periods), and at some point I'll make a fork of FFI Restored that will change the font to the font used in this, and I'll have the same approach to FFIII on NES (if I even decide to take on that task, as FFIII on DS left a bad taste in my mouth).