At least there's hope now that we'll be getting it (and other ATLUS games) in the future:
Deep Silver, Sega of America, and Atlus USA are entering a collaboration to publish multiple Atlus and Sega-brand titles on consoles and handheld devices across European & Pal territories, Atlus announced in a press release this morning.
Unless Atlus itself has taken a nosedive, I'd say they'll be careful about localizing one of their own products. Plus, it's their own IP and it's not on a Nintendo platform, so no interference (that's what slightly spoiled Tokyo Mirage Sessions).
They managed lip syncing alright for the anime cutscenes in P3/P4, so I don't think they'll do too badly. As for real-time cutscenes, they may decide to do something like Square Enix did with the XIII games and do rough lip syncing to English dialogue.
It would be optimal if they also managed to offer the game in more languages than just English in Europe and add the original dub to western releases before that. But hey... baby steps and I for one am actually glad they managed to find a distribution partner so quickly, seeing how little Atlus (USA) cares about the European market.