Overall, as a whole, I think the translation sounds pretty accurate to what's being said, though it does have those odd moments of comedy that I wonder "really?", but some of those have actually worked out fairly well for me, too.
For me, this is much better in tone than I felt for Blazblue, or Ragnarok Tactics. Both of those had loads of moments in the very first few sentences of each story I tried to participate in, where I just kinda rolled my eyes, and wanted to give up on the tales...
But here, I'm in Chapter 4 of Momohime's story (not much further than I got on my Wii play, personally), and I'm more invested into the tale. I still get the hints that I got from the original stranslation (Jinkuro seems to have more of a heart than he lets on, and his relationship with Momohime will be a point of interest, surely!), but the surrounding details have stuck out to me much more.
Overall, it's proving to sound like what I'd hope for, after hearing how LONG the characters vocally spoke previously; it sounds like the words are intent on explaining all the twist, nuance, and underlying depth of what the characters said.
Honorifics are normally give equal representation in English here, rather than just running them (and the character name!) over, and just saying "he" or "they", as I notice in some poorer translations. And the only characters who have said anything vulgar or oddly strong have been those who are in positions to do such (such as Jinkuro, and Kongiku.)
I'd love to see what others who have more experience with the game think, but there doesn't seem to be much discussion on it, even in the OT.
Bonus: (Wii version Video)
Ok, watching this guy fight makes me feel like I suck at the game, lol.