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First things first, the English-language game is identical to its Japanese counterpart, except for the text. This is no small undertaking, as the wordy Okami required 1,500 pages of text to be translated into English. This is perhaps the reason, as many have been wondering, for the length of time between the release of the two versions (the Japanese game came out in April of this year). From what we saw of the English text, the time looks like it's being well spent. There's a lot of dialogue, so the characters do tend to go on a bit, but it doesn't seem to have been translated literally. There are little bits of slang splattered throughout (depending on the character) and different types of emphasis within the text to evoke emotion, in lieu of having voiced dialogue in the game. The characters still feature the same Animal Crossing-esque mumbling found in the Japanese version, and while it's coherent enough to imply tone in some spots, its presence otherwise is simply to give the game more flavor.
More at the link above. This game is going to be so amazing. I was watching videos of this in total awe. Can't wait.
Also new gameplay videos posted at Gamespot here.