Scot McKnight has a good piece on Bible translations. Here is a taste:
I’d like to contend today that most words are translated in all Bible translations with formal equivalence and that some words are translated more or less in a dynamic, or functional way. In other words, there isn’t really a radical commitment to dynamic equivalence — as if one can find some better way in English to the original languages “and” or “but” or “the” or “God.” Or a radical commitment to “formal equivalence,” as if the Greek word order can be maintained in English and make sense, though at times the NASB gave that a try (much to the consternation of English readers). No one translates “God’s nostrils got bigger” (formal equivalence) but we translate “God became angry.” There are some expressions that can’t be translated woodenly unless one prefers not to be understood.
Having heard too many people who don’t know an alpha from an omega criticize Eugene Peterson’s The Message as a “paraphrase” as though this means they would all do better reading the King James version.