I think Garnett made a lot of excellent points about Ni No Kuni's localisation.
Couple of things though.
I think, unfortunately, Jeff Mattas is right that there is a segment of the population that will turn their noses up at subtitles, no matter whether it's anime, games or foreign films. Level 5 wants to reach the widest audience possible and that's probably why they're localising it.
Atlus have done quite a few localisations, particularly with the Megaten games (Shin Megami Tensei, Digital Devil Saga, Persona) and all of them have had excellent localisations. They're probably the best in the business for it.
Garnett is 100% right about Yakuza. Those games don't need English voice acting at all.