Due to its expressiveness and unambiguous nature, First-Order Logic (FOL) is a powerful formalism for representing concepts expressed in natural language (NL). This is useful, e.g., for specifying and verifying desired system properties. While translating FOL into human-readable English is relatively straightforward, the inverse problem, converting NL to FOL (NL-FOL translation), has remained a longstanding challenge, for both humans and machines. Although the emergence of Large Language Models (LLMs) promised a breakthrough, recent literature provides contrasting results on their ability to perform NL-FOL translation. In this work, we provide a threefold contribution. First, we critically examine existing datasets and protocols for evaluating NL-FOL translation performance, revealing key limitations that may cause a misrepresentation of LLMs' actual capabilities. Second, to overcome these shortcomings, we propose a novel evaluation protocol explicitly designed to distinguish genuine semantic-level logical understanding from superficial pattern recognition, memorization, and dataset contamination. Third, using this new approach, we show that state-of-the-art, dialogue-oriented LLMs demonstrate strong NL-FOL translation skills and a genuine grasp of sentence-level logic, whereas embedding-centric models perform markedly worse.