I think it all falls down on the characters, some characters just sound better as they were intended while others was better thought out with a second shot.
Also, if the game is set in a real-world setting, most often will I side with the nations language. Which is why I'm sad every single Chinese person in Shenmue II knows Japanese/English.
For instance: in Arc Rise Fantasia, there's a cutscene where L'arc yells out "Oh no, they've broken through the gate!" or something along those lines with absolutely no inflection or emotion. It was absolutely hilarious the first time I played it, and it still makes me chuckle whenever I think about it.
Depends on what you mean by Japanese.. I mean, if you mean simply published from a company in Japan, I may buy it if it interested me, but if you mean localized, completely every word written in Japanese, and all of that anime bullshit, then hell no.
I'd say that I prefer subs because I'm more conservative in the answer, but as media importers, these companies should know the extent of whether they can hire a good VA team.
Also, whatever happened to "both" as an answer.
So it all depends. Siding with one over the other is a little silly and seems to only ever come from either blind hatred of or mindless love for anything Japanese.
That said, if a gun was pointed at my head and I absolutely had to choose one method to take over all game releases in the west then I'd go with English dubs. Subtitles take up a portion of the screen, dubbing doesn't. That can be quite important in some games.
I am not a hipster, yet I have always enjoyed anything in its original language. I really get into languages though, so I would say I am not a typical gamer in the USA.
KEEP THEM SUBBED PLEASE! It is cheaper and quicker.
Of course, what would be preferable is if they both tracks were available, with the English script just displayed as subs for the Japanese track. However, I understand that this makes a game more expensive to produce. Maybe this company can take a page from Square-Enix's book and release "International Editions" for a premium that have both tracks for those that want the option.
Breaking news, video game voice actors mostly suck regardless of country of origin, more at 11.
^THIS^
But I definitely prefer Subs 99%. That 1% bet is on the localization.
Like everyone else says, if a dub is actually decent, then I will gladly use it. But I'll take subs over shitty voicework any day.
But why not have the other as an option for those who don't like it?
I can't weigh in on this. This comment is moot.
But so-bad-it's-good voice acting is awesome, too.

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