For everyone thinking this may get localized since the game has already been localized in other formats: if I'm not mistaken, those at Dragon's Den working on the DQVII 3DS translation recently found that the PS1 translation lines up line for line with everything except the new stuff that wouldn't have a translation available (ie: 3DS specific features). You know that this is probably common knowledge on the SE side of things, and they still don't want to spend the very minimal amount of time it would take to move the translation over and make localization a reality (minimal when compared to actually having to translate from scratch). Of course, maybe they just don't want to get it done because the company they normally use doesn't have the time to butcher the script with as many puns as you can possibly fit into the game.
Granted, things could become more complex for the fan translation, but don't be surprised if a fan translation is ultimately the only translation available. For the sake of the DQVII translation, I do hope the line up does work out, as talk of using a combined Google/Bing translating engine has me more than a little nervous about the potential quality and accuracy of a fan translation done from scratch.
If they won't even do that, what makes anybody think they'll localize the new VIII despite the fact that it will have an entire new scenario and new characters shoehorned in as well as voiced, meaning all the original voice acting likely has to be redone to incorporate the new characters? That is far more work than just text translation, and if SE won't even deal with the very simple project that would be localizing DQVII, you can be certain that they won't be bothering with DQVIII.