The fact that there are 2 translations doesn't have to do with which translation is more japanese and which one more english. There are 2 translations going on because the team who knows how to do the translation in the correct way (by correct I mean using the right software and tools) don't want the unexperienced people in their team, so they're doing a separate translation on their own via hex edition (which is not the correct way to do that, but should be enough for the menus... or most of them).
The rest of this thread is basicly a massive fight between people who support the translation team, and people who support the other ones.
what he said. just one tiny edit. There is no "CORRECT" method. It's a matter of working with the skills you've got. The main difference between them is EFFICIENCY and debuggin