They look like the fully translated english versions, although the Japan versions had english text too I guess.
Considering they are going more digital, and they did bring over things like JSR and NiGHTS, they could definitely bring these to the west.
In fact, they must bring them to North America and other regions, it's obvious how much more money they can make from these compared to investing in a brand new IP or trying to port something that SOJ hasn't ported themselves.
It's definitely not hard compared to porting a RTS SRPG like Dragon Force to PS3 and X360 (1. because the Sega Ages version wasn't translated. and 2. SOA wouldn't make direct Saturn ports themselves, even though the Saturn version is already fully translated. And I think SOA only handles localization, not hands on porting themselves. )
but on the other hand, these Model2 arcade ports are being completed by SOJ, so SOA could totally localize them. It really is in their best interests.
and especially fighting games like FV have really no dialogue or text to translate, names, titles and credits are pretty much english.