The issue is that in translation, something is always lost. There are a few phrases[1] in the poem that are
darned hard to translate adequately although knowing Old English well enough to read the poem is not a guarantee by itself of getting more out of it than in Modern English.
In general, if you can, reading a work in the language it was composed in is better than reading it in translation. It is generally hard to disagree with that.
The fact is that translation into contemporary English from Old English and Old Norse is deceptively difficult.
[1] wyrd bið ful aræd is probably the best example. It's usually translated as "Fate is wholely inexorable" which is not a good translation. "The turn of events is fully complete" is better, as would be "My fate has now been decreed" depending on how you want to look at wyrd (fate, but literally "that which has turned" and often personified as a woman) and araed (decreed, established, spoken).
Edit Changed the above OE to proper characters, and adding this:
While I am bragging, as you put it, about my understanding of languages I will point out that the structure there of wyrd becoming established through the spoken word is also found in parallel Old Norse traditions, where we have the description of the Norns in Voluspa ending with:
þær lög lögðu,
þær líf kuru
alda börnum,
örlög seggja.
This is again difficult to translate because of the variety of things lög could mean. "They laid laws" or They laid layers" or "They allotted lots" are all viable translations. My overall translation would be:
They allotted lots,
They chose lives
for the sons of men,
They uttered fate.