In modern textual criticism there are two broad approaches:
1 "Earliness" is best
Under this approach, the best/most valuable MSS are those that are the earliest. That is, a text form is deemed more likely to be correct when it is seen in earlier MSS.
Under this assumption, we get the NA28/UBS5 text along with W&H, NIVGNT, SBL, Souter, etc. Most modern Bibles are based on this text.
2 "Frequency" counts
This assumption simply boils down to choosing the text that occurs most often regardless of when it is found in the textual tradition.
Under this assumption we get the Byzantine text (eg, R&P), Majority text, Orthodox text, F35, etc. I am unaware of any modern Bibles (there may be some) who base their translation on the Byzantine text; however, the Majority Standard Bible and the WEB use the majority text.
The translations based on the TR include KJV (obviously!), NKJV, YLT and several others.
For completeness I should also include a third -
3 Textus Receptus
This is also known as "KJV-only-ism". The basis for this text is simply what Erasmus produced in his third edition. In textual form it is, in most places, most similar to the Byzantine text; HOWEVER, it is also a mixture of both the above forms in places, especially in the Gospels.
In truth, it most closely follows the Clementine Vulgate text and often includes portions of Greek text that is not found in any Greek manuscript. Thus, it might be more correctly called the "Clementine Greek Text" form.
[There is a fourth praxis - that of Wilbur N Pickering which he published as "The Greek New Testament According to Family 35" but it is small minority view that need not detain us in a broad-sweep answer like this.]
In deciding which of these bases to follow/adopt, someone wrote (I cannot recall who) that:
Manuscripts must be weighted not counted
This is obviously directed against the majority text methodology. Suffice to say that this subject has a HUGE literature of debate. For a scholarly defense of each position see the following materials:
- The preface to "The New Testament in the Original Greek, Byzantine Textform" by M A Robinson and W G Pierpont. [This gives a defense of the Byzantine textform. Note - I have examined this material but cannot understand it - it is beyond me!]
- The essay by BF WEscott and F J A Hort, "A Brief Explanation of the Principles of Textual Criticism" found in an appendix to their published GNT.
- NA28 and UBS5 offer their textual apparatus as their justification for the text choices at every verse of the NT.
- JETS37/2 (June 1994) 185-215, Daniel B Wallace, "The Majority-Text Theory: History, Methods and Critique".