Daniel B. Wallace has a page online where he addresses "Fifteen Myths about Bible Translation", which begins as follows:
"1. Perhaps the number one myth about Bible translation is that a word-for-word translation is the best kind. Anyone who is conversant in more than one language recognizes that a word-for-word translation is simply not possible if one is going to communicate in an understandable way in the receptor language. Yet, ironically, even some biblical scholars who should know better continue to tout word-for-word translations as though they were the best. Perhaps the most word-for-word translation of the Bible in English is Wycliffe’s, done in the 1380s. Although translated from the Latin Vulgate, it was a slavishly literal translation to that text. And precisely because of this, it was hardly English.
2. Similar to the first point is that a literal translation is the best version. In fact, this is sometimes just a spin on the first notion. For example, the Greek New Testament has about 138,000–140,000 words, depending on which edition one is using. But no English translation has this few. Here are some examples:
RSV 173,293
NIV 175,037
ESV 175,599
NIV 2011 176,122
TNIV 176,267
NRSV 176,417 ...."
danielbwallace.com
The Interlinear NIV Hebrew-English Old Testament by Zondervan (1987) has some interesting comments in the introduction which I'll quote -
"...Even when this idiomatic translation is corrected by the grammatically literal rendering supplied in brackets, the impression remains that the interlinear rendering is the most accurate rendering possible, whereas in reality, it is just another version, not necessarily more accurate or less accurate than any other English version.
In fact, sometimes a good idiomatic translation can be as accurate as an interlinear translation, for, as any linguist will testify, no two languages are completely identical in word meanings and grammatical structures. Thus, accuracy in translation depends on 'dynamic equivalence': the process by which the meanings and impacts generated by the words and grammar of the receptor language best suited to to recreate these meanings and impacts. In some cases a word-for-word translation produces the best dynamic equivalence, but in other instances this effect must be generated through idiomatic rendering." pages xix-xx
When you compare various Greek/Hebrew-English Interlinear Bibles you'll find that they often translate words differently. The literal rendering in some are understood to be different from the translation in others. For this reason, I find a study of context, usage of words in the original by the same human penman and on similar topics helps determine which translation I will embrace as the best, in my understanding. An example is Matt. 24:34 -
"Verily I say unto you, This generation shall not pass away, till all these things be accomplished." (Matt 24:34 ASV)
"Truly I tell you: the present generation will live to see it all." (Matt 24:34 REB)
These two versions state the same thing as to meaning, but the Dynamic Equivalence REB gives a more clear and definite translation, as I read it in the context of Matt. 24:1-35. As I study, occasionally I find the REB misses the mark in its translation, but overall I like the Revised English Bible, as used along with the NRSV.
"1. Perhaps the number one myth about Bible translation is that a word-for-word translation is the best kind. Anyone who is conversant in more than one language recognizes that a word-for-word translation is simply not possible if one is going to communicate in an understandable way in the receptor language. Yet, ironically, even some biblical scholars who should know better continue to tout word-for-word translations as though they were the best. Perhaps the most word-for-word translation of the Bible in English is Wycliffe’s, done in the 1380s. Although translated from the Latin Vulgate, it was a slavishly literal translation to that text. And precisely because of this, it was hardly English.
2. Similar to the first point is that a literal translation is the best version. In fact, this is sometimes just a spin on the first notion. For example, the Greek New Testament has about 138,000–140,000 words, depending on which edition one is using. But no English translation has this few. Here are some examples:
RSV 173,293
NIV 175,037
ESV 175,599
NIV 2011 176,122
TNIV 176,267
NRSV 176,417 ...."

Fifteen Myths about Bible Translation
Perhaps the number one myth about Bible translation is that a word-for-word translation is the best kind. Anyone who is conversant in more than one language recognizes that a word-for-word translat…
The Interlinear NIV Hebrew-English Old Testament by Zondervan (1987) has some interesting comments in the introduction which I'll quote -
"...Even when this idiomatic translation is corrected by the grammatically literal rendering supplied in brackets, the impression remains that the interlinear rendering is the most accurate rendering possible, whereas in reality, it is just another version, not necessarily more accurate or less accurate than any other English version.
In fact, sometimes a good idiomatic translation can be as accurate as an interlinear translation, for, as any linguist will testify, no two languages are completely identical in word meanings and grammatical structures. Thus, accuracy in translation depends on 'dynamic equivalence': the process by which the meanings and impacts generated by the words and grammar of the receptor language best suited to to recreate these meanings and impacts. In some cases a word-for-word translation produces the best dynamic equivalence, but in other instances this effect must be generated through idiomatic rendering." pages xix-xx
When you compare various Greek/Hebrew-English Interlinear Bibles you'll find that they often translate words differently. The literal rendering in some are understood to be different from the translation in others. For this reason, I find a study of context, usage of words in the original by the same human penman and on similar topics helps determine which translation I will embrace as the best, in my understanding. An example is Matt. 24:34 -
"Verily I say unto you, This generation shall not pass away, till all these things be accomplished." (Matt 24:34 ASV)
"Truly I tell you: the present generation will live to see it all." (Matt 24:34 REB)
These two versions state the same thing as to meaning, but the Dynamic Equivalence REB gives a more clear and definite translation, as I read it in the context of Matt. 24:1-35. As I study, occasionally I find the REB misses the mark in its translation, but overall I like the Revised English Bible, as used along with the NRSV.