Yesterday Prof. Helm blogged a critique of Dynamic Equivalence and Functional Equivalence translation approaches, from the viewpoint of his own background in philosophy.
Mike Aubrey has blogged an important response from the viewpoint of linguistics and Bible translation theory and practice.
The debate is technical and may be difficult for many to follow, but the claims are important. If nothing else, this debate demonstrates that people who write primarily from the viewpoint of their own discipline, without being adequately familiar with the discipline whose theory they are critiquing, are on dangerous grounds factually.
It has become clearer and clearer to me over the years that Bible translators, linguists, translation theoreticians, theologians, seminarians, and English professors who care about Bible translation issues need to be deeply interacting with each other. Each field has much to contribute to the other. One of the best signs of progress for this necessary disciplinary cross-pollination is that SBL and ETS conferences now often include sections for discussion of theological aspects of Bible translation or literary analysis of biblical texts.