John H. McWhorter has a characteristically readable article in the Wall Street Journal arguing for Shakespeare in translation:
Most educated people are uncomfortable admitting that Shakespeare's language often feels more medicinal than enlightening. We have been told since childhood that Shakespeare's words are "elevated" and that our job is to reach up to them, or that his language is "poetic," or that it takes British actors to get his meaning across.
But none of these rationalizations holds up. Much of Shakespeare goes over our heads because, even though we recognize the words, their meaning often has changed significantly over the past four centuries.
This isn't just a bolt of contrarianism out of the blue, incidentally; according to McWhorter, "[t]he Oregon Shakespeare Festival will announce next week that it has commissioned translations of all 39 of the Bard's plays into modern English, with the idea of having them ready to perform in three years."
McWhorter gives one example of what the result might look like, although it doesn't seem to be from the actual OSF project, and even its creator, "a teacher named Conrad Spoke," admits that it's really more of a light edit — a "10% translation," targeting the one-tenth of Shakespeare's verbiage that is liable to be misinterpreted by today's audiences (as quantified by Ben Crystal, apparently). So "hath" and "trumpet-tongued" stay in, but "faculties" gets updated to "authority".
This strikes me as a good idea overall. I agree with McWhorter that it's counterproductive to minimize the difficulties of Shakespeare for a contemporary reader, particularly when trying to introduce his work to schoolchildren. It's too easy for people to conclude that their inability to enjoy or even properly follow the text as-is is a personal failing, rather than an inevitable consequence of language change, and that they just aren't smart enough for Shakespeare. A world where even just 50% of high school graduates really got an updated version of Macbeth or Julius Caesar sounds a lot better to me than one where maybe 5% achieved the same level of understanding of the original, untouched text. I ain't going to authenticity-shame someone who would rather see a Shakespearean comedy with a lightly updated script that allows them to get the jokes.
Personally, I would not be interested in such texts or performances. I am as interested in what Shakespeare wrote as what he meant, you might say, although to be even more precise, I'm interested in what got printed at the time; I dislike even spelling and punctuation modernizations. But if Shakespeare appreciation bifurcated into "Shakespeare as literature" and "Shakespeare as exemplar of Early Modern English," like what has happened to the Greek and Latin classics, people like me would probably be much better served, because it would no longer be felt necessary for every edition of Shakespeare to please everybody from researchers to middle schoolers.
It's interesting to compare this with the situation in Japan. In terms of popular understanding, pretty much anything written before the Meiji Restoration (1868) or so as kobun, literally "old writing(s)." (Some people prefer to exclude the Edo period.) The bad side of this is that it can give people the impression that everything from the Man'yoshu through Noh plays to Bashō's travelogues were written in the "same language," which is not true. But the good side is that it clearly distinguishes contemporary Japanese from earlier forms. Everyone understands that you have to study the language that Bashō's work is written in to understand it; it's qualitatively different from the language of today, not just an "elevated form" of it, and a translation into contemporary Japanese is a completely unremarkable idea. None of this seems to have done any harm to the survival of the original.