This article is from the World English Bible Translation FAQ, by Michael Paul Johnson email@example.com with numerous contributions by others.
Yes. Dr. Maurice Robinson is overseeing another project to revise the
ASV into what he is calling the Modern American Standard Version (MASV).
That project is not on quite as ambitious schedule, but it should be
worth looking at when it is done. There are now some other works, too,
like the Updated King James Version at
http://www.geocities.com/updatedkjv/. People often ask if we are aware
of the New English Translation (http://www.netbible.org), and we are,
but it is not Public Domain. They do allow free downloads for personal
use, though, and there is a lot of scholarly work that went into that