Well, color me surprised.
The translation patch for the PlayStation 3 version of Tales of Vesperia is complete. The bad news? You'd have to risk destroying your system in order to play it. You need to install homebrew and then do some other things in order to properly load the patch. Also, it looks like you can't sync your trophies. I look at this news with mixed feelings.
Tales of Vesperia is fantastic. It's one of the games I recommend that folks play if they're interested in the series. The PS3 version is the better of the two, even if the localized version on the 360 is still packed to the top with content. The idea of a patch is great because ToV is one of the more wordy games in the series.
On the other hand, this patch just feels like too much risk vs. reward. I'd love to play the game in my native language, but I can play the game normally without it and chance my PS3 becoming a fancy paper weight.
For those interested, check out talesofvesperia.net. If anything, the completed patch gives me hope that maybe Tales of Rebirth or Tales of Destiny DC will get their own finished patches.