In this PR statement by ef ~a fairy tale of the two~ developer minori dated 04 November, 2011, posted at Mangagamer‘s staff blog, they explain why it is taking too long for the game to be released, citing safe business practices and differences in ethical standards between Japan and the West as two of the primary reasons.
minori made it clear in this statement that they’re releasing ef ~a fairy tale of the two~ under the responsibility of its foreign publisher, Mangagamer, as such material aren’t inspected or managed by the likes of the United States’ ESRB or Europe’s PEGI.  The company claims fan translators never claim responsibility for any moral or ethical issues that may arise in an unofficial release, and eroge developers are usually blamed for the effects of the works on society and the eroge industry.
Along with their decision to release an English version of ef ~a fairy tale of the two~ ‘to further reduce business risks’, minori prompted to keep censorship intact for the release, even though Mangagamer requested the ero-scenes to be left uncensored, as most of their localizations were.  They believe that the game uncensored for a Western release will create issues with ethical standards in countries where the game will be distributed. The company also cites the Western media coverage of Rapeplay back in 2009, which prompted many Japanese eroge developer websites to block foreign IP addresses.
The localization of ef ~a fairy tale of the two~ is still in progress as of writing, and there’s no update from Mangagamer when the game will be released. Localization is handled by fan translation group No Name Losers.
You can read the whole translated statement on Mangagamer‘s Staff Blog.