To the last paragraph. I'll say the English version is better. Example? Infernal Affairs vs. The Departed.
Now, that's pretty much as close as you can get with that horrible hypothetical. The Departed has acting 10.5 million times better, and the results? One of my favorite movies and some of my favorite performances.
Infernal Affairs? Great plot, great story, but I had no connection to the characters. Why? I don't even really know. Was it the subtitles? Could have been. Maybe it was just the performances themselves. I rated that movie a 6/10 (and then 5/10 and 5/10 for the other two).
I do know when I like or don't like an English speaking performance and I know the reasons why I do or don't. With foreign films, I don't always know the reasons, so I blame the subtitles instead of blaming the actors.