Yes, that is indeed the real voice acting in the English version. A friend of mine actually bought a copy because he didn't believe the video. That IS the real voice acting. The video isn't shitting you, it really is that bad. Oh, and Chaos Wars' voice acting is done by the children of some of the team that worked on the English version. It is a lesser-known company and they were trying to save on voice acting, I think. Well...you get what you pay for...
In general the voice acting in Japanese games, especially JRPGs, are hit or miss when translated to English. Sometimes they are decent enough. Sometimes they are below average. Every now and then you get the ear rapeage that is Chaos Wars. Same applies to dialog too.