The FX are translated, as are all the 4 panel yonkoma and other omake and Arakawa's beginning notes~! The translation flows very well, and, as far as I can remember, is very close to the fanscanned version (except, in general, better written in terms of capturing characterization- especially Lust's and Roy's). Only two small nitpicks: language is a bit toned down in 2 instances (but only one really seems unnatural- I can't see Ed using "heck"), and the Fuhrer has become "the president". This bugs me more; he's definitely NOT a president- they could have used something less potentially controversial than "Fuhrer" but more accurate to his position. Also, the English dub was using "Fuhrer", so it's puzzling.
Also, Rose has become Rosé- I've no idea why. Translation variation...?
EDIT: Or that's how it's pronounced. XD; I feel stupid now; I'd thought it was said "Rose", like the Western name.
Also, the cover is slightly less ugly in person- it's actually metallic silver, not white as it seemed in pics.
EDIT: And because someone asked; nope, it isn't flipped. Original format.