I would just like to point out a few things:
1. A translation isn't just about translating words but also the meaning of a clause or sentence and putting it into a clause or sentence in English, which does mean you cannot always translate literally word for word because sometimes it wouldn't make any sense in English, the Hebrew and Greek grammar is vastly different to English.
2. The NIV tries to translate more on a thought for thought basis, i.e. what the clause or sentence means is put into good and more readable English. Sometimes it is word for word but it doesn't always have to be to be translated accurately. Also the NIV as well as most other modern translations is set out better than the KJV into proper paragraphs, which makes it much easier for the reader to follow the flow of thought.
3. The KJV and NKJV both use the Byzantine manuscripts for translating the Greek NT, but these are later than the vast amount of manuscripts which we have now, which is to say we have more reliable manuscripts for the NT than in 1611 when the KJV was introduced. When you talk about verses we must remember the original manuscripts (of which we only have a multitude of copies) didn't use verse numbers, they were introduced into the text later. So when it says there are verses missing the reason is because with more manuscripts it became evident that some things were later added into the text (most likely by scribes who felt it necessary to try and explain or elaborate on the prior sentence). It should be noted that the NIV always includes footnotes of these verses. As an example in 1 John 5:6-7 there is a whole section missed out about the Trinity. This isn't in any manuscripts before the 14th century, and from the context of what John wrote it is talking about 3 things that testify about Jesus. The NIV clearly teaches the doctrine of the Trinity in many other places, the NWT corrupts all such doctrine.
4. No translation is perfect for there are differences between every language and sometimes it is impossible to get an exact English equivalent for a Greek or Hebrew word. But the point is that God is not limited to speak to people by the exact words they were originally written, most of the Bible was written consciously by human beings with their own unique styles and emphases. God inspired them through illuminating their understanding so as to record the things God desired, only in giving the Law or speaking directly through prophets did God usually command what exactly should be written. But even behind the Law it's the principles that are what's important as we see when Jesus often confronted the Pharisees about seeking to keep the latter of the Law.
5. We should not get divided on which translation is the best, the primary and undisputable issues have to do with the Triune God as revealed to us by our Lord Jesus Christ and the way back to God through the saving work of Christ. Every other issue in the Church is secondary and should not cause division for that's what the enemy wants to do to weaken the Church. It's only heresy if it goes against the primary and closed-handed issues.
God bless you.
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