I used to read NIV when first got born again but discoverd later it was not a n accurate translation and now I go between the KJV and NLT. i also love THe Amplified and the Passion but those are not real translations, they are paraphrases, so best to be used alongside an actual translation.
i think people have over the centuries debated over Bible translations and will always do, most likely, until the end of time. i much prefer NLT and KJV over NIV though now, because I know nothing left out
The NIV is a very accurate translation IMHO. There is a spectrum of translation philosophy form word-for-word to idea-for idea. Of course, a literal (word-for-word) translation is impossible since the Bible languages -- ancient Hebrew, Aramaic, and Koine Greek -- have no direct correspondence to English. The words often don't have exact parallels in English. The sentence structure is very different and the idioms are very difficult to translate.
The King James is not a literal, word-for-word translation, as that is impossible.
There is no one-to-one correspondence between the ancient texts and English.
The other end of the translation spectrum is the idea-for-idea philosophy. Instead of trying to translate the actual words and sentences, an effort is made to create in the modern reader the same idea in their mind as was in the minds of the ancient people.
What it meant to them is what it should mean to us. The Living Bible is an excellent example of this translation philosophy.
The middle ground is to balance both of these factors: what the words originally meant and what ideas they created in the ancient people's minds. The NIV, the NET, and others are examples of this. IMHO they are an excellent balance between the two translation approaches.
Finally, there is nothing "missing" in the NIV. There are quite a few sections of the source documents that were added later as they are not present in the earliest texts. Two outstanding examples are the story about the woman caught in adultery and the "long ending" of Mark's gospel. It is up to the individual groups of translators to balance all these factors to give us a Bible they feel is the best. Almost always, the accompanying translators' notes explain this.
My favorite translation that balances these two translation approaches extremely well is the NET (New English Translation). It has roughly 60,000(!) translators notes that explain everything you want to know and more. The current edition is 2.1; it's available on Amazon and other places.
If you're really interested in this I recommend the very readable "How to Choose a Translation for All Its Worth" by Gordon D Fee and Mark L Strauss. It's available on Amazon for a very reasonable price and thoroughly explains the above.
One final word of caution: don't put much stock in what people have to say about translations they don't like. They are invariably biased and their opinions are not based on any serious study and/or interpretation. There is no such thing as "an actual translation" for the reasons I discussed above.