For a long time now, the New Living Translation has been the Bible that I use on a day to day basis. I tend to preach from the NIV because that is the Bible most churches I attend use, but for personal use I much prefer the clarity of the NLT. I can hardly wait for the NLT study Bible to come out in a few weeks.
I know that there are many people who are are suspicious of the NLT. If you fall into this group, you should take a look at this long (very) post by Rick Mansfield. The NLT blog is also well worth a look if you want to know more.