I honestly didn't feel that the new translation added anything to the game. There was some minor censorship in the original English translation but it failed pretty hard on covering up the issue. It wasn't like V or VI where the new translation added some great characterization to the cast. I actually think the English translation is better than the Japanese one to be honest.

The new content isn't bad, but again I don't feel it adds as much like other extra content in the series, so oddly enough, though I generally prefer the re-localized ports of other SE games, I still feel the original is the best, hell I don't even like the animated cutscenes that the Chronicles port added in.