I'm currently reading John Burgon's defense of the TR and he makes some very good points as to the preservation of Scripture and in particular questioning what I have always had a problem with; letting ungodly men be involved in the process of translation.
I do think a modern version based on the 1894 TR and the Second Great Rabbinic Hebrew Bible would be an excellent thing. I no doubt will continue to use my KJ Bible, but for many folks who are daunted by the old English of it, or who are not native English speakers (and I have pastored and/or taught many such), it may – if done well – be a God-send. This may dismay some of my KJV friends, but I speak as before God and not man.
It seems the MEV has replaced thee / thou / ye / you with "you," only. This is disappointing. Differentiating between singular and plural is very useful, and definitely adds depth.
Luk 22:31, 32 And the Lord said, Simon, Simon, behold, Satan hath desired to have you, that he may sift you as wheat: But I have prayed for thee, that thy faith fail not: and when thou art converted, strengthen thy brethren.