I think the NRSV is overall a fine Bible. While it is slightly less literal than the RSV, due often to the inclusive language issue, I find it to be both very readable and accurate. In a way, it fits nicely between the RSV and NAB. Here are some of my other thoughts about it:
The NRSV was completed by an ecumenical group of scholars, consisting of Catholics, Protestants, and Orthodox. Overall, it is slightly less literal than the RSV, but it remains essentially literal and is quite good for both study and prayer. Personally, I find reading this Bible much more enjoyable than the RSV. In particular, the OT is well done and reads very smoothly. For many, the NRSV is the scholarly standard. Many will find this edition as the one required for university or seminary courses. One of its great advantages is that it uses the most up-to-date scholarship on recently discovered manuscripts, like the Dead Sea Scrolls. The NRSV is most notable for its use of inclusive language. While many fall in two camps on this issue, either finding it appropriate or heretical, I think it can be done in a way that is both faithful to the original text as well as to contemporary English usage. For the most part, I think the NRSV does an OK job. However, there are times when their attempt to be inclusive can be a bit questionable, most notably 1 Timothy 3:2 and Hebrews 2: 6-8. Fortunately, the NRSV committee provided textual notes with the translation to show when changes have been made.
The NRSV comes in various editions, published by Oxford University Press and HarperCollins. HarperCollins, in particular, has recently begun publishing new editions of the NRSV-CE in new attractive editions. It would be great to see this continued. Perhaps an NRSV-CE study Bible would be a great addition as well. Zondervan also publishes a wonderful NRSV-CE Catholic Womens Devotional Bible. It would be great to see an Catholic Men’s edition too!
The greatest strenght of the NRSV is that there are a lot of study tools available. There are various interlinears, dictionaries, Bible Maps, concordances, comparative translations, and a host of commentaries based off of it. And since the NRSV is a decendent of the RSV, the older RSV tools can be used with it as well. Also, one notices that a number of important Biblical scholars, both Catholic and Protestant, use the NRSV for their base translation.