Just checked, the patch works as advertised, it's all English and I haven't come across any problems so far. Yay! If you have save files from the Japanese version, they'll work on this new one too, although you'll need to download a separate program to make your ally names appear properly. At least now I can see the English titles for the songs in the sound player.
I desperately want to see Nintendo of America's response to this, especially when the hardbook guide is released and the patch considered complete. Just some acknowledgment, anything, that this is something really special. Unless doing so prompts them to send out "cease and desist" letters just because they didn't get around to it first.
One thing I remembered while playing through this game again is just how amazingly smooth everything is, including the battles. You just didn't have this fluidity in Mother 2 (and I've played the real SNES game).