The PS2 version of V isn't half-bad (largely because the original is the black sheep of the franchise in gameplay and the only way to go was up), though the story took a hit or two for no obvious reason. The PS2 version of IV is another matter entirely and is best avoided if at all possible. Neither game has a translation patch and nobody is likely to go to the effort needed to make one. Play either other version of IV and wait until the patch for the SNES version of V is out.
Yep, play Ys IV PCE/SNES then wait for Ys V SNES' patch, which might still take long to come (consider learning japanese in the upcoming years as a plan B just in case...).
I fear, though, if you play the SNES Ys IV first, you'll miss the fast-paced-ness in the PCE one, and if you play the PCE Ys IV first, I feel you might miss... everything once you play the SNES one. XD (Music, art etc etc etc)
Maybe it's better to play the SNES one first, then the PCE one, I guess.
If you are EXTREMELY lucky, you'll see it around this year's Christmas. But that is absuuuuuuuuuuuuuuuuuuuurdly bound NOT to happen. Dig up threads in the Ys V section/some other places in this board if you plan to learn more.
I'd expect it to come in ... minimally more 2 years myself, or never. I have been "learning" japanese lately, though, just in case. So I have nothing to fear. It's worth it, as well, and not as hard as one might think, specially spoken. *is still a total japanese ignorant though*