Colossians 2:23

Brother Edwards, Interesting questions.
I feel we must be very careful, when saying any translation is absolute. In the original text, the Bible is perfect. However, I am not a scholar, as many seem to be here on this board.
I am not sure what you are asking when you say, "Who decides?" If we take it technically, then there is an Editor, who like with any "book" has some technical input. With that said, I am sure that each translation produced, was thought to be correct by the scholars and publishers who produced it. However, I think you may be looking for something deeper than that. The Holy Spirit is our guide and our teacher, He must decide and we must listen.
As far as which doctrine is hinging on this one verse, I find it very difficult to read one verse and determine a doctrine from it. The whole of the Bible should be used as a commentary on this verse.

E-sword:KJV

Col 2:23 Which things have indeed a shew of wisdom in will worship, and humility, and neglecting of the body; not in any honour to the satisfying of the flesh.

E-sword: HCSB

Col 2:23 Although these have a reputation of wisdom by promoting ascetic practices, humility, and severe treatment of the body, they are not of any value against fleshly indulgence.

E-sword: Geneva

Col 2:23 Which thinges haue in deede a shewe of wisdome, in voluntarie religion and humblenesse of minde, and in not sparing the body, which are thinges of no valewe, sith they perteine to the filling of the flesh.

If you look back a couple of verses to verse 20, we see that Paul here is giving a warning. This warning concludes in verse 23. In Paul's day, just as today, many place much value on tradition and ceremony. We are warned not to mix ceremonial requirements (the law) with the Gospel. We can and often do make a show of wisdom, by not sparing our bodies, yet these things in and of them self have no real value in the spiritual.
I am no English wiz, so as far as the grammatical aspects of this verse, I am weak. Therefore, please enlighten me here. I can see the different punctuations, however, I really am not comfortable, taking this one verse and hanging a doctrine on a semi-colon ( verses a comma (,). I look forward to your reply.

In Christ Service,

humilis