It's only a partial translation (just the second UMD) that's not going to be updated anymore (by it's original author Truthkey at least) unless someone else picks up where he left off. I've been looking around and I haven't seen anything about anyone else even working on a translation.
I'm going to try it out though, I've attempted to play the game (I imported it a while back) but I have zero knowledge of the Japanese language and I didn't want to progress without really knowing what was going on in the story.
The patch itself is actually really old (released October 27th, 2011) and the original thread it was posted in was locked because the moderators at pspgweber believed it was still being localized (that was back in December of last year though and not a single announcement from Squeenix about it in more than 6 months...)
I've pretty much lost any hope that this game will receive an official translation...