Similar thoughts were going around when Dragon Quest 4 for the DS came with a partial English script, but Dragon Quest 5 and 6 did not. It's not quite the same thing, but there was certainly a fair amount of panicking going on when Dragon Quest 5 hit Japan and had no evidence of an English script.
I'll admit I'm a bit concerned too. I don't think it's in the bag as far as localization probability is concerned, but I remain hopeful that we will get this. I don't know why Square-Enix always has to wait until a month before the game hits stores before they can even admit they are working on it, but that seems to be the modus operandi for them. If / when this game does come west, I doubt we'll be getting much notice.
This is DQM, not DQ. I think not many DQM games are localized. At least the DQM games on GBA, PS1 & the DQM card battle game on Wii are not localized, not to mention Joker 2. --- Most anticipated : Dead Rising 2 : Off the Record (XB360), RE : Operation Raccoon City (XB360), Dragon's Dogma (XB360), Dawn of Fantasy (PC)