Charisma House announced this week its plans to release yet another English Bible translation (see this announcement). This translation will be called "The Modern English Version" (MEV).
The text that will be used in the translation is not mentioned. The announcement does say that the translation intends to follow a "literal" approach. By this I assume it means the MEV will follow the formal correspondance method. It also says it plans to capitalize the references to God (as the NKJV already does) to maintain "reverence."
The Lake Mary, Florida based Charisma House is a publisher of works in the charismatic tradition, noting on its website that is produces resources from the likes of John Hagee and Joyce Meyer (see here).
The introduction of the MEV will place another option in the already crowded English Bible field. This version will apparently come with the twist that it may perhaps follow the TR (if, that is, it makes good on its expressed intent to follow the KJV--we'll see). It seems to represent the continued Balkanization of the Bible market, since it will apparently be marketed to charismatic churches and their constituencies. So, mainline Protestants can use the NRSV, new Calvinists the ESV, Southern Baptists the HCSB, non-denominational evangelicals the NIV, and, soon, charismatics the MEV. The question is whether or not we really need another English Bible translation. If the desire is to have a formal correspondance translation based on the traditional text that follows the general wording of the KJV (along with capitalized references to Deity), why not just use the NKJV?
To paraphrase Ecclesiasties, "Of the making of English Bible translations there appears to be no end...."