Bible studies or paraphrase studies?

The popularity of paraphrases of the Bible has struck me as a negative development in Christendom. When I say paraphrase, I mean the reworking of Biblical texts, (rather than merely translating them from one language to another), and then marketing the reworking as "a Bible." Often times in the process, the length of the text is increased to make it more descriptive or colorful for the reader. (Rick Warren's best seller The Purpose-Driven Life makes extensive use of quotes from various paraphrases.)

While the popularity of paraphrases strikes me as negative, it doesn't strike me as surprising. I've read these paraphrases, and I can understand people deriving insight, and enjoyment, from reading them. But here's my concern:

What are we saying about the adequacy of Scripture if we (or scholars) act as God's editor? What are we saying when we substitute the inspired text with a text we find "more insightful"? Did God fail to get it right the first time?

In a way, these paraphrases are Biblical commentaries in disguise. Commentaries are fine for what they are. But when they're substituted for the actual text of Scripture, my concern is that Christians will file away what they read in them as being God's word. These commentaries don't claim to have the authority of Scripture, yet, in usage, such authority is certainly implied. (And what if the commentator gets it wrong?)

So are there any legitimate uses for biblical paraphrases? I think so.

Open along side a translation of Scripture, I can see a paraphrase serving as a legitimate study tool. Optimally, it could help illuminate the actual meaning of a Biblical texts. Sometimes I know I've lost the understanding and appreciation of particular passages due to over-exposure, in which case, a paraphrase has the potential of helping me "rediscover" these passages with fresh eyes.

We just need to make sure we don't jettison the actual Bible from our Bible studies.