dtgreene: Also, I hear that Elminage Original's translation missed a few bits, but that can also be said of Elminage Gothic. (See attached screenshot.)
Sarisio: Actually first translation of Elminage Original was so bad it was as funny as Google translation of Japanese wiki. "Invite" option in tavern was named "Friend is Call", they mixed up some races and what not. I am afraid that Elminage 2 and 3 weren't localized because of that, reception was very bad. But Elminage Original had patch which fixed all those "Friend is Call" things. Some oddities are still there (e.g., one of direct damage spells. Rabalad iirc, has description of Ravenom), but otherwise translation is very good now (added another screenshot, atmosphere in this game is incomparable).
By the way, I was looking through older Wizardries, do you know that Wizardry V had 2 different localizations with Japanese version having uncensored English version? English version was censored, "Piety" stat changed into "Devotion", "Priest" was changed into "Cleric", all pixel nudity covered by pixel clothes, some enemy names changed (some names stopped making any sense - Awesome Terror, anyone?) and combat feedback translated different way (e.g., "X is destroyed" instead of "X is killed").
Elminage Gothic has a few inaccurate descriptions. The Mandragora Club's description says it paralyzes a single enemy, but it actually targets a group. And then there is Elnam, with the description "Instantly kills a single -1 demon." (Elnam actually does holy damage to an arbitrary single enemy.)
In the case of Wizardry V, it is important to remember that the original version of the game (and all the other classic Wizardries) was for a computer system in English. As a result, the English in the Japanese version isn't a translation; it is, I believe, the original test.
The US SNES version was indeed censored. Unfortunately, in censoring the game, they ruined at least one pun (about the word "spirits").
The Japan only PSX version (New Age of Llylgamyn) has an English option (except for Scenario #4 Arrange) and a better handling of conversation (choose keywords instead of a dump of everything), but the BACORTU spell (which is sometimes used by enemies) doesn't work at all. Also, teleporters don't teleport light. (There is one part of Wizardry 4 which I think works better without teleporters teleporting light, but spinners and really secret doors are ruined in that version.)
In computer versions of Wizardry 5, dialog was conducted by typing in what you want to say, much like in Ultima 4 through 6 and Wizardry 6 through 8.