The TNIV (Today's New International Version) of the Bible arrives in stores in mid-February stuffed full of new words to replace "archaic" words. A committee of collaborating scholar's were tasked with making the scripture more understandable for modern readers. At least, that is what the publisher set out to accomplish.
It is true that words and connotations have changed over time. As I read my Bible I do have to pause sometimes over words and sentences that are hard to comprehend because of the way they're written or the words that are used. But it does seem misguided to believe that changing a few words inside a sentence will not change the original meaning and intent of the author.
It's my opinion (as a non-expert in language studies) that if the scholars want to change the bible to reflect modern language usage they would need to re-write entire passages so that the EXACT meaning is still retained. They would need to write fresh sentences as if the Word was being put to paper for the first time.
What they have accomplished in the TNIV is to mute God's voice in favor of their interpretation of His intent. If the TNIV was the only text available to teach from, would new Christian's know God as He intended? This sort of effort WILL effect many generations.