RTM AVAILABLE: Get it at http://editorashi.freewebhostx.com/ Work in progress. All arcs edited. SP1 planned to release sometime later.
Currently, a work in progress by a small number of anons. All files have been checked at least once. Dynamic editing has been considered, but it's going to take some really dedicated people to get that done. All in all, the final result will probably be an error free patch plus some.
Current report: RTM done, SP1 announcement in March to go along with Kai. Mangagamer is also releasing an official fix, but god knows when (if ever, lol, edelweiss machine spellcheck).
Refer to: http://rechan.eu.org/go/retrans-editorashi
Hard Statistics: http://editorashi.freewebhostx.com/stats.PHP?proj=editorashi
Note on the statistics: Scrolling to the bottom of the statistics will give you the percentage of lines changed to the total amount of lines in the game. This is not a statistic that shows how close the patch is to completion. After every single file has been looked at, and edited thoroughly (Approx %rate suggested by anon was 8-13%), a patch will be created. If everyone committed to the project ditches before that happens, a patch will be created likewise.