I've read the NIV, HCSB and the NASB1995 in their entirety, and large portions of several other translations, including the NJB. I'm impressed by the clarity of the NLT--it's as if the verses are custom-written for your own brain. But the verses of the Psalms tend to be longer and poetry is sacrificed for clarity. Hey, to each his own. Every verse of the NIV is written in perfect American English--a Bible Strunk & White could love, and this is the version I'd recommend to new believers. The translation of Amos in the HCSB is simply brilliant, but there are a few (very few) clunkers in that translation (imo) where the alliteration is awkward: "My soul is swallowed up in sorrow." The New Jerusalem Bible is the best modern version for literary quality (imo). I remember being very impressed by the Psalms and epistles.
But there is nothing sweeping or even unusual in saying that the King James is the preeminent literary translation, and that its language is "elevated" compared to the others. No one ever spoke the language of the KJV. People didn't talk that way in 1611, just as people in the 1950s didn't sound like Dylan Thomas poems.
I'd say most modern translators are trying to appeal to the lowest common denominator. The Bible is being dumbed down for consumers who are not willing to smarten up. And there is something seemingly Gramscian in the undermining of holiness, as if Scripture shouldn't be impressive. Our sense of the holy is at stake here.