There's a certain reluctance to translate when you almost-know the language. But here's a question: how many more centuries until we
will have to translate? I figure less than the 400 years now separating us from Shakespeare. Rabelais is probably more like modern French than Shakespeare is like modern English. But maybe because those are novels, and closer to typical prose overall, there are translations of his works into modern French, which are more readily accepted.
We do usually modernize Shakespeare's spelling. The gap without that is even larger: "...borne before an euerlaſting Iudge, from whence no paſſenger euer retur'nd, the vndiſcouered country, at whoſe ſight the happy smile, and the accurſed damn'd". Changing that maybe makes it seem more like modern English than it was. How much can you update spelling and such, before it starts becoming a translation?
Also, am I the only one whose Shakespeare textbooks in high school, had more footnotes than actual Shakespeare on some pages? It kind of sucks the fun out of it when even the dirty jokes need to be explained.