The Initial D = Cardcraptors comparison is not accurate (fyi, I simply refuse to call that piece of trash as CCS).
What made Cardcraptors unbearably horrible to fans was not only the changed names, but also the following:
1) horrible voice acting
2) dropped and resequenced episodes
3) nuances removed from the storyline
4) a focus on Lee instead on Sakura
5) combined, the changes made the story different
AFAIK, the Americanized names (and I believe also the music) will be the only things changed on the (1) broadcast version; and (2) english dub DVD version. The subtitled version will remain unedited.
Cultural differences have always been an issue as certain aspects of one culture may not carry over well to another culture, especially if the original language was used (and this holds true in the Phil. - case in point SM Stars) So they will always have to balance the need for originality vs. the need to adapt certain things to the local culture since this will be broadcast over American TV.
As long as I have access to the original language (i.e. the sub content of the DVD), I see no cause for concern. YET.
And to the detractors of American dubbing, please watch more recent dubs. (ex. Bebop, Excel Saga, Karekano) Your opinion might change.
(I DO have an issue with the manga, as there will be no "collector's version" with the original names left in and no way to view a "subtitle track" like in a DVD.)