My own view is that there will always be the need for new translations because language shifts and changes; old words take on new meanings, various points of grammar shift and change.
A good introduction to the English Bible can be found in 4 talks by Daniel Wallace
here.
In a nutshell English translations are generally divided into three camps, those that go for elegance (NEB), precision (NASB, ESV), and readability (NIV). There are gains and losses in each of these purposes. But people who are serious about studying the Bible, and who don't know Greek / Hebrew need have a several translations, at least one from each strain. The
netbible is an interesting translation that tries all three in one. It is free, and is currently in a beta revision and looking for comments from people.
Every blessing.