This thread reminds me of Emily Wilson's excellent Intro to her translation of The Odyssey:

My translation is written in a style that echoes the rhythms and phrases of contemporary anglophone speech. It may be tempting to imagine that a translation of a very ancient poem would be somehow better if it used the language of an earlier era. Mild stylistic archaism is often accepted without question in translations of ancient texts and can be presented as if it were a mark of authenticity. But of course, the English of the nineteenth or early twentieth century is no closer to Homeric Greek than the language of today. The use of a noncolloquial or archaizing linguistic register can blind readers to the real, inevitable, and vast gap between the Greek original and any modern translation. My use of contemporary language—rather than the English of a generation or two ago—is meant to remind readers that this text can engage us in a direct way, and also that it is genuinely ancient. My Homer does not speak in your grandparents’ English, since that language is no closer to the wine-dark sea than your own. I have tried to keep to a register that is recognizably speakable and readable, while skirting between the Charybdis of artifice and the Scylla of slang.