At least the Japanese version does. Also it does have full english support but neither voice track is lipsyched.
I've seen some Gameplay videos online where I didn't notice any tearing.
Example - This one:
Although, the video is from May... so I'm guessing this was simply a gameplay trailer that was re-uploaded by this Youtube channel, and perhaps at this stage in development there weren't any screen tearing issues... or maybe it was running on a high-end PC that was able to give a much higher framerate?
Anyway, OP, I'm guessing you imported the game and you're having these issues? That's what it sounds like, at least. If that's the case, I'm going to hope that perhaps a lot of the tearing issues on the 360 version are just from the capture equipment the "Let's Players" on Youtube are using.
Anyway, I was going to buy it launch day, but I guess I'll hold off until I can see some comparison videos to know which version is better, or see if XSEED was able to avoid any tearing issues altogether.