
The translation program is going well. Within a week to a month it should be ready to do dialog translations. In the mean time we've been debating/violently arguing* about what names we should use etc., taking into mind character limits, localization, correct translations, what sounds best, etc., and it's going pretty well. I think by the time I leave we should have most everything decided on leaving in terms of naming.
On that note, we decided to use FE11's (Shadow Dragon's) names... the U.S. version. Please don't try and get this to change, we've been through just about every argument now. Yes, some people don't like Caeda and it's not even a legitimate translation but oh well, it's what's best. Sure, that means that this isn't a pure translation because we WILL be localizing things, but I think everyone can overlook the fact that I don't want to call this the "Fire Emblem 12: Heroes of Light and Shadow English Translation and Localization Hybrid Project". XD
If you don't like it, we'll probably end up releasing the text editing program as soon as we are sure it's complete (well, we as in, Nintenlord, the creator--that's all up to him). You can then figure out how to edit text, which isn't hard, and do the names how you want to. I sincerely doubt we're going to try and prevent anyone from using our translated version as a base for other ROM hacks, so yeah.
Oh, I should probably add that this program supports FE11 text editing too. In fact, it supports it much better than it does FE12.

(Hint: the game normally doesn't use all caps and treat you like an idiot)
In terms of actually translating, we're going to start from scratch, throwing away v1.0 which I made a week after this game was initially released, just to help a tiny bit with people who didn't know any Japanese (myself included, I lose motivation in playing a game when I can't even read the menus without having to use logic skills to figure out what's what).
And we're currently doing names of all sorts. That's all the information I can give you.
I'll see ya guys around.