No news on Cowardly Option.
http://www.nintendoworldreport.com/rumor/33750
Bravely Default: Flying Fairy may be coming to the west according to Siliconera.
Their report states that multiple trusted sources have said it is being localized for English speaking players. Bravely Default is a well received JRPG that released in October of last year in Japan.
Developed by Silicon Studio, best known for their Zelda-influenced title 3D Dot Game Heroes, the game is a spiritual successor to Final Fantasy: The 4 Heroes of Light. Its battle system has players carefully manage their turns; risk them all for a chance to wipe out the enemy, or bide your time and store them for the chance of an even stronger attack. StreetPass is an important aspect of Bravely Default's design. Players can call upon StreetPassed friends for help in battle, and even populate and rebuild a village.
At this time, Square Enix has not officially announced a Western release so this remains a rumor.
I don't really know anything about this game, but, the 3DS needs more RPGs.
With SE's recent financial down slide a game like this Bravely Default indicates to me that they need to get back to making quality RPGs once again. Not those big budgeted games like Final Fantasy 13, but games that people will actually like. SE has the chance to own the 3DS in Japan if they continue to churn out quality RPGs for the system.
I think the recent stretch on DS, Wii, and now 3DS of great JRPGs is on the same level as back then, if not better. I'd make the same argument for the recent boom of 2D platformers being better than what we saw on the NES and SNES.