Today's New International Version is a planned retranslation of the Bible by Zondervan, the company that publishes the New International Version. It is not an update, but an alternative version to be sold side-by-side with the NIV. While they plan to preserve the approximate reading level and poeticism of the NIV, there are two exciting changes planned:
1) Many references to "the Jews" have been changed to "those Jews," or "the Jews in _____." Though their advertising doen't go into detail, I imagine that this will remove a lot of the inadvertently anti-Semetic material in the New Testament. In the past, accusations against specific Jewish communities or specific sects of Judaism (e.g., the Pharisees) have been translated as attacks on the entire religion, with unfortunate results.
2) Gender-neutrality! Many phrases like "brothers in Christ" were always meant to be something more like "brothers and sisters in Christ," and now it says so. They're not going too far, though... God still has a penis.
(even though at some points in the old testament God is referred to using a feminine pronoun -- and also a plural).
Although the level of gender-neutrality is fairly mild, TNIV is expected to cause some controversy. It isn't being targeted at Catholics at all, as the apocrypha are not included. James Dobson of Focus on the Family, a conservative lobbying organization, has commented "If we would not change a comma in the Gettysburg Address, why in the name of heaven would we tamper with the Word of God?"