American Version TLS Based Off Of Europe Version

From The XSEED Forum:  http://xseedgames.com/forums/showthread.php?1342-Omglaststory!!!!!!!! 

FAQ: Will XSEED use Nintendo's European localization or start from scratch with the original Japanese version? 
ANSWER: "There will be no translation specific to the North American version as it will be comparable to the in-game English text of other territories.