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Textual criticism is a huge area, and needs much more then my thoughts on it, it is also highly divisive so we need to be careful. Also bear in mind that I am speaking New testament only at the moment!
The original autographs, ie the original texts, as recorded by the Apostles, Gospel writers etc are lost, what we have are many copies of them, some complete manuscripts of Books, or the entire new testament, some just fragments of passages, some are very, very old.
Simply put the ESV, NIV and others are based on a different group of manuscripts (Critical text) to the NKJV, AV (received text and majority text) and two different theories of which is the best text.
The critical text is thought to be the best because the key manuscripts are the oldest, whereas the majority text proponents will say that the vast majority of manuscripts support their tradition as best.
The CT and the RT differ in many places, one such difference is the number of texts that are to be found in RT that are not in the CT, hence the' omissions' in some versions of the bible. Interestingly the NIV and ESV does not 'omit' every text that is not to be found in the CT, if it did we would loose the last few verses of Marks gospel.
Actually though the amazing thing about studying this, is that we realize that no matter, or minor doctrine is effected or lost whichever textual group you prefer, meaning that God has truly preserved his word from error over the centuries. the other amazing thing is the just how few differences there actually are. We are talking about manuscripts copied out by hand over many centuries, in a huge area of the world - the similarities are amazing, no other book has been preserved as the bible has been.
the NIV isn't based on ancient documents..that's the huge issue. It based on documents younger than the ones used for the kjv. It's not additions the kjv has..it's deletions the niv did.
In order to be a good translation all manuscripts need to be looked at, not just one group or another. Scripture is God breathed, as far as i'm concerned any translation that is not word for word including all verses should be approached with caution.