I'm afraid I'm going to have to belch out more information and opinions than you requested -- or even want!
First of all, I think every Christian should have a copy of each of the
How to... books written by Gordon Fee and various coauthors:
How to Read the Bible for All its Worth (a.k.a.
How to... 1),
How to Read the Bible, Book by Book (
How to... 2), and
How to Choose a Translation for All its Worth (
How to... 3).
How to... 1 begins with a section on choosing good translations, and
How to... 3 provides much more extensive and up-to-date info.
How to... 3 is worth reading just to get a reasonable appreciation for the many challenges involved in producing a good translation. (It also lightheartedly uses the expression, "sesquipedalian grandiloquence." Gotta love that.
)
Apparently terminology has changed a bit over the years. "Dynamic" has given way to "Functional." And Bibles such as the NIV are not considered "dynamic" or "functional," they are "mediating" -- approximately half-way between "formal" and "functional."
"Literal" really does not apply, because there are NO English translations that are truly literal, except
perhaps "interlinears."
"Paraphrase" applies only very rarely. The LB was a paraphrase, but the NLT is
not; it is a true translation, of the "functional equivalence" variety.
Fee repeatedly recommends using multiple translations -- a few from each portion of the "spectrum."
His favored "formal" translation seems to be the NRSV. Other decent ones in his opinion are NASB (or better yet, its 1995 update, the NASU) and ESV. The RSV, NKJV, and KJV are ok, but not as good.
The "mediating" translation he prefers is the TNIV (but he admits up front that he was involved in its preparation). Also good (and listed here *approximately* in declining order) are the NIV, NET, NAB (a Catholic translation, not the same as the NASB), HCSB, and REB. He considers these "mediating" translations the best "all-purpose" Bibles.
For "reading" purposes, "functional" translations are ideal. The NLT is a good choice, and the NCV, CEV, GW, and GNB (TEB, GNT) are also fine. "The Message" can be impactful and insightful, but can also be way too loose in places.
Personally, I'm looking forward to the completion of the ISV. Its handling of poetic passages is particularly intriguing. But so far, it's only about 79% complete. (All the NT, plus part of the OT.)
If you want to follow Fee's advice (and mine, for that matter), the most convenient way is to get a parallel Bible. Probably the one that comes closest to what he recommends is
Today's Parallel Bible.
You can also get some really good stuff online for low or NO cost. At
e-Sword, you can get a really nifty program and a bunch of different Bibles and study aids -- most of them free, some at reasonable cost. And at the
User-made Modules area of the site, you can get even more freebies.
I am looking for a good Bible for my boyfriend but I don't know what to get. I need something that is easy to read and understand and preferably not a paraphrase. I also don't want something that is too literally translated as those tend to be hard to read. I think a Dynamic Equivalence translation would probably be best. Please help! 
