They're the same content. You get to choose your flavor of translation. Kagura is generally more readable, but has a bunch of stuff in it that angers the "you don't hate localizers enough" crowd.I keep looking at this and wanting to play it, but get frustrated with the initial set up and do something else.
Which link provides the most up to date and english game?
-Kagura/Steam Version 1.04 (Pre-patched + Decrypted)
-Fan Translation φ
I ask because it says 1.04 but the prior version was 1.4.3 ...
Shade's translation is waiting for the DLC to put in some long standing corrections. It's also more likely to survive the upcoming DLC.
Pick your poison.