Right!this certainly has been a big issue for Ummat e Muslima. I have tried to understand the motive of these verses also, which are inter-connected to each other. I agree to Dr. Sahib's translation.I will not translate any verse and will only try to share my understanding of the subject here which might help the query in this regard.
Verse 4:1 has a broad spectrum but verse 4:2 has a specific subject of "Orphans" (children and women) because we can not say orphan men, right! The verse is about doing "justice" to them.
Now if we study carefully , the first part of the verse 4:3 seems to be connected to the previous subject. Then continuing the same subject, Allah Almighty ask men to marry those helpless women of their choice to support them and/or their kids without fathers( all women may not be married or may not have kids).But if one cannot do JUSTICE with them then they SHOULD NOT MARRY THEM. They should feel contented with what ever they have already and should not try to help them.
Now coming out of the particular situation, if we try to apply this rule under normal circumstances then it shows that may be Allah encourages Muslim men to have a HAREM of their own with 2, 3, 4 wives of their choice which is an open injustice to women of islam, in my opinion.
As far as the matter of "Justice" is concerned, or dealing women equaly is argued, I feel IT IS NOT POSSIBLE. It's just beyond human's expectations to do so. Since it is not possible , it should not be "allowed".Thankyou.