Mark Taylor, one of the bloggers at the NLT blog has a 3-part series on the differences between bible translations
I have numerous times stated my preference for the NLT, especially the NLT Study Bible:
This is a choice. While I do attempt to always use the original languages, at least the Greek, I do like the NLT as my translation of choice. On Sunday mornings, during my family’s devotional time, it is the translation which we use. If a bible is supposed to reach the audience, the NLT serves its purpose in allowing me to spend more time discussing application than the translation.