This kind of updating is a step in the right direction, though I think this is probably why many of the Protestant fundamentalists like to cling to the King James Version.
I've recently decided to start reading through the Bible again. The last time I tried was several years ago when I was still a believer. I got through the first three books of the Old Testament before I realized I was probably doomed to Hell no matter what I did. So I started reading the New Testament but soon realized I was pretty much sunk there too. I think that was probably the beginning of the end for me, as far as religion was concerned, because that's when I started searching for real answers.
An interesting experiment I did a few years ago was to read the good book with a red, blue, and black pen.
Comments in the margins pertaining to feel good verses in blue.
Blood and gore in red
ridiculous verses in black.
Guess which pen ran out of ink fastest?