There are no perfect translations, but there are some very good ones.
For a more literal, “formal equivalence” translation, I prefer the ESV. You can get more literal than that, but only at the expense of awkward and sometimes unclear English, and I don’t like that trade-off.
For a meaning-based, “dynamic equivalent” translation, I like the NLT, 2nd ed. (or NLT2). It reads very easily and comfortably, and is very well done. I’m also fond of the British NEB and REB, which unfortunately are not well known in the USA. I hear nothing but good about the NJB, which is a Catholic translation, but I don’t yet own one. It;s next on my acquisition list.
For a middle-of-the-road approach, the old familiar NIV (1984) will do, but the TNIV is IMO better. The scholarship is updated, some errors are corrected, and it reads a little better. Against that, some say the language is too “gender-inclusive” but I don’t find that to be a problem; to me, it just seems more “gender-accurate”. I have hope that the new 2011 NIV will prove a worthy successor to both, but I haven’t yet had a chance to really check it out.
And while it’s true that paraphrases such as The Message necessarily include some of the writer’s interpretations, they do have their uses if you bear in mind their limitations. Read them, but read them in addition to a regular Bible, not as a substitute for one. Of this type, I favor *The Message *and the Phillips NT.