With a tip of the cap to Andrew Stuttaford of National Review Online for pointing this out, here is a fascinating review by Christopher Hitchens of a new book on the origins of the King James Version of the Bible by Adam Nicholson. The review includes a link to the book's first chapter.
Although I find translations like the NIV or the more word-for-word literal NASB better suited for study and comprehension, the King James Version is a cornerstone of the modern English language, and its turns of phrase inhabit our everyday speech. That's why I'm happy that the scripture memorization my son does at his school is done in the KJV. That is the only appropriate choice for a school with a classical emphasis.
UPDATE: The Washington Post has posted this review, by Jonathan Yardley.