There is no perfect translation as becomes abundantly clear to anyone who spends any time studying the original languages. If you walk away from all your Greek classes as a KJV-onlyist then there is probably something wrong with you and you should be shipped off to Pensacola.

That's not to say that someone couldn't prefer the KJV--there are many good things to be said about it.
There are two basic issues when evaluating Bible translation--the translation method and the text being used.
I'm kind of paleo(old)-school when it comes to my view of Scripture so I don't find the absence of the original autographs troubling in the least. I'm most interested in the canonical text that lived within the life of the church--so for me the 1904 Antoniades is pretty much the standard Greek text (although I am still doing some research on how they arrived at the text they did for the Apocolypse since it is based on the lectionary readings and there are no passages from the Apocolypse in the lectionary).
There simply aren't that many translations of the New Testament based on the text above. There's the Orthodox New Testament, the Eastern Orthodox Bible, and another one that is still in the works.
The KJV and NKJV are both based on texts which are very similar to the one above but not quite the same. The LITV is also based on a text similar to that above but I always seem to find typos when I open the thing and the translator seems to do alot of the same things he condemns other translations for doing and also suffers from the insanity of thinking that he has the only real Bible translation.
Method of translation is a sticky subject. The Orthodox New Testament veers to the hyper-literal end which can be good for serious study but can be awkward for reading especially to young children. The Eastern Orthodox Bible is based on the World English Bible which is a bit freer but still a fairly literal translation and I think it works about pretty good although I haven't had the chance to check out all the nooks and crannies of either of these Bibles. The KJV and NKJV are both fairly literal--I tend to use the NKJV more but appreciate the KJV. Both have places where they are more accurate than the others.
The Old Testament is another issue and one I don't feel qualified to answer since I don't know Hebrew and am still looking at the pros and cons of the Masoretic text vs. the LXX. I think it's a shame that most modern translations of each have deviated from the canonical text. Hopefully the Old Testament for the EOB will at least give us a translation of the LXX based on the canonical text when complete. There are English translations based more strictly on the Masoretic text but they tend to be done by Jews who try to obscure passages that point to Christ.
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