I think the headline exagerrates. Its actually a very modern translation, using direct contemporary language. Granted, it lacks the classic majesty of the King James, but it has a directness that should appeal to modern readers who no longer grasp words that have changed meaning in 500 years' time. Its a reminder the Bible is above all things, a timeless book set in the service of a timeless message.
From what I've seen and for the most part, I don't think it's that bad of a translation and I expected worse from the headline. There's some good, modern phrases in this translation and we need translations that speak today's language. But if they're going to start calling "partner" any sex partner, then they've gone too far in that verse, rendering the entire translation something I could never recommend because it's a poor translation from what the manuscripts actually say.
Is it _really_ that hard to read the KJV? I'm reading it now and if I happen to not understand a word I look it up. If I don't understand a passage, I'll read the same passage in an NIV and/or RSV and work through it. But I can count the times I've had to do that on one hand.
If this is real, and not a parody, then it looks to me far worse that the "inclusive language" of "Today's NIV" that Zondervan started hawking a few years ago.