Politically, its a bizarre thing to do. For the conservapedia folks, who are quite far to the right, its a tacit admission that their world view doesn’t work Biblically (I’m not trying to indict all conservatives here, by any stretch, but the specific ideology of the Conservapedia crowd). That’s why they feel the need to change the Bible.
Theologically, their thought process is so poor its almost hilarious. Replace Pharisees with “liberals”? That shows a stunning lack of knowledge about who the Pharisees were; its used as a proper noun for a reason. The Logos-truth-instead-of-word disaster is another example of how little real scholarship, rather than ideological tampering, is going into this thing.
Methodologically, its just as bad. Every now and then, they’ll go back to the original Hebrew, but half the time, they’re just rewording the original King James Bible. That would be awful if they were using the very best translation available, because even that would be piling distortion on top of distortion, but the original King James has its own problems (I thought Andrew Schafly was Catholic?).
Finally, a wiki-Bible translation is an awful idea.
Its just a mess on every possible level.