English VA for Japanese games continues to be embarrassing to this day, and there's really no valid reason for that. You may not have the best in the industry for those, but c'mon, calling it subpar would be generous 80% of the time. Xenoblade is a notable exception, but it's mainly because of the accents and the fact that they decided to ditch the ridiculous Japanese recitation that simply doesn't work in English. For me, the golden era of JRPGs died the minute FFX introduced voice acting. Intentional or not, Tidus's laugh and dialogue is still brought up today for a reason (and his voice actor is a good one).
As someone already mentioned, DQ8 was JRPG dubbing done right. Trials of Mana OTOH, is just offensive most of the time.
VA is very important for AAA games, of course. You can't do The Last of Us, God of War, Gears or Halo without voice acting.
It's completely unnecessary for most indies and smaller games, and it's hit and miss in Nintendo games and similar products (completely ruined the GBA Mario ports, IMO).
I'm of the opinion that VA has impoverished the script of video games a lot compared to the text-only days, and that modern games with a good script tend to be good because the script is modeled around VA and not vice versa.