"No plans" doesn't mean it won't change. Alternatively I hope they'll let Rising Star handle it.
Might be too big of an undertaking for Rising Star.
I think that the only way The Last Story has a hope of making it to the Western markets as if Nintendo is behind it. Even then, it would be a prolonged endeavour - localising that much text and that much voice could take the game into 2012 if they aren't snappy, and, assessing the long-term situation, they might bottle it.
It would be a shame. Square RPGs aren't usually my cup of tea (I know this isn't Square, but the influences are clear to see). This, on the other hand, looks like something I could enjoy.