Speaking to the Episcopal Church (in the USA), the allowed Bible translations are specified by Canon II.2. The allowed versions are: KJV, English Revised, ASV, RSV, Jerusalem, NEB, GNB, NAB, NIV, NJB, REB, NRSV, or another approved by the diocesan bishop. In practice, however, I have found the NRSV to be by far the most common choice.
As for personal study, I typically begin with the NRSV. There are several reasons. First, since it is my parish's lectionary Bible, it corresponds with the readings being heard in church. That makes it essential for sermon preparation. Second, I like the inclusive language. Third, I find most of the debated bits to be well-translated. There are a few exceptions (such as Gen. 1:1-2) where I don't like their choices. I will often turn to the NIV (1984) or the ESV for a slightly more conservative read or to see what my more evangelical colleagues might be reading since they seem popular in those circles. If I'm looking for more literal, I use the NASB (1995). I've also explored both the NET Bible and the HCSB (Holman Christian Standard) and generally liked them both.