It's the exact same translation, the PC version just fixed a few mistakes here and there (such as the infamous "This guy are sick.").
Okay cool. That makes me feel a lot better knowing I'm not playing the version with an inferior translation.
Regarding the Japanese story, what has been changed when it was localized for English speakers? I've seen the "Beacause" mod on this forum and wanted to try it, but it doesn't support the 2012 re-release. I also talked to Daniel Burke and he said that the Beacause mod is old and shouldn't be used. I've heard that things mentioning religion were censored for the English translation, and that this mod is a more faithful translation from the Japanese. Are we really missing out on a lot of sub-plot? Will there ever be a new faithful re-translation from the Japanese text that supports the 2012 re-release of FF7?