I don't like the term "formal equivalence" myself. But we may be straying from the OP; don't know what the OP author thinks, since he's not posting right now. But personally my belief in verbal-plenary inspiration does drive my translation method.
And..."Rippon the Unqualified" is back to his nastiness again. And he's out of touch, writing "With your endless, mind-numbing threads on Eugene Nida --you haven't a clue." I haven't done a thread on Nida in years, and I think I only did one on him anyways (though I did others on his method). :Biggrin So I'll just plant old Rippon back on "ignore," where he deserves to be. :Tongue
It is a mixed "bag."
Take Colossians 1:15, ". . . πρωτοτοκος πασης κτισεως."
KJV, ". . .
the firstborn of every creature: . . ."
ASV, ". . . the firstborn of all creation; . . ."
NASB, ". . . the first born of all creation. . . ."
NIV, ". . . the firstborn over all creation. . . ."
NKJV, ". . . the firstborn over all creation. . . ."
And the NKJV actually followed an interpretation and its dynamic equivalent
as the NIV did in Colossians 1:15.
Is that what you meant by "optimal equivalence?"
No, sorry, there is no "interpretation" or dynamic equivalence in the NKJV in Col. 1:15. The Greek word there is ktisis, which can mean either "creation" or "created being." The NKJV translators simply made a translation decision, based on the context, to go with the meaning "creation" instead of "creature." In the context (v. 16) the things being mentioned are not "creatures."
Optimal equivalence is a translation method that generally translates literally by seeking the "optimal equivalent" in the target language, while working for good literary quality in the target text. It was delineated by Dr. James Price, my Hebrew teacher (1976) and the OT editor of the HCSV and NKJV.
Once again, we must look at the context. Note that in v. 16 Paul points out that Christ created all things. So then in translating v. 15 we cannot say that He created Himself. The genitive is thus a "genitive of subordination," and may be translated "over." The Greek genitive is often translated something other than as a possessive.
Vincent's Word Studies has: "We must carefully avoid any suggestion that Christ was the first of created things, which is contradicted by the following words: in Him were all things created. The true sense is, born before the creation. Compare before all things, Col_1:17. This fact of priority implies sovereignty. He is exalted above all thrones, etc., and all things are unto (εἰς) Him, as they are elsewhere declared to be unto God. Compare Psa_89:27; Heb_1:2."