I'm absolutely in love with this game, it's one of my favorites of all time but the translation is definitely bottom tier, it's just hard to tell if you're not paying attention (or english isn't your native language, like in my case) because it's competent enough to be comprehensible 90% of the time.
Just refer to the most recent thread on the matter. It's basically fansubbed anime quality, pretty damn abysmal compared to 3, 4, or just about any other Atlus game really. And it's a shame because it deserves so much better.