There is always room for improvement, but all major revisions are complete. There will never be another major revision. As for when this will be "finalized", I think it's reaching that point, but I want to give people the chance to run through it and so on. Especially people who know Japanese. I consider this in a professional state already, it's just a case of tweaking and fixing.
Like with computing, the project doesn't ever really get "finished", it gets abandoned. There is no such thing as perfect. It just comes to a point that I am satisfied to stop changing it, and we are almost at that point. The question is - after R03c, will the changes really be noticeable. The answer is... not really.
Certain changes have been changed for good. As of R03c, Nibl, Midhir, and Da Zhao have replaced Nibel, Mideel and Da Chao
permanently. Midgar Zolom has been changed in FF games after VII already and has never been an option. The options allow for change of District to Sector (because it's become ingrained more than the rest, due largely to spin-offs), Series canon, and old character names. This concession has been made because on certain names we cannot be 100% sure we are right, and we do not know if the writers are okay with the American localization. I am assuming they are fine with it. If they weren't, I'd force the lot.
If you are unhappy with this, you are free to edit the retranslation with touphScript tool.
Edit
Lovehearts now included with original game.
https://www.youtube.com/watch?v=7RcLzcImroY&hd=1