Officially: Yeah.
However the localization has fallen into some weird development hell/vaporware state, with no release date and no explanation why. If I had to guess I'd say it's some financial/corporate/publisher/legal/etc. issues, but whatever it is they aren't making any official statements other than "it's still planned".
Outside the damn ddos attack issue, I don't think there's much that makes the localization worth the wait. The fan made English launcher even auto downloads and installs the patch so it's pretty convenient.
Honestly? Probably never going to happen
because of the fanbase.
I don't mean that as an attack or anything, mind you, but the fact of the matter is that localizing something like this taking 1-2 years is pretty reasonable, but the English community for PSO2 was dedicated and got patching this down to a quick, convenient science a long time ago.
And that isn't a good thing.
Now, most of the English fandom who would theoretically be the market for PSO2-EN are already playing PSO2-JP. They're Level 70. They have rare drops. A small percentage of them probably even paid money to support the game. They're entrenched, with established characters, and many of them will have no interest in "starting over" in Episode 1. Alot of them even say so vocally.
Which means the only way for SEGA to actually force people to play/support the US version would be to IP ban all English players, which is not particularly likely to help because most of them are functionally IP-banned by the DDOS (I know they weren't IP banned, but the effect is similar) so they get in by VPN exploits instead.
Long story short is... most of the people they'd want to play the English version no longer actually want to start over in an English version, and there's no way the English version would launch in Episode 3. So there's no real financial incentive to finish the project when you've all entrenched yourself in the version they already finished. The casual market might trickle in, but the diehard one isn't interested in a new beginning.
That's my theory, any way, lol. Still a well-made game, so if you're interested, worth biting at this point.