There are numerous translations that use the word "awesome" including the New King James Version (1980) as well as the New International Version (1984) and the World English Bible. The Hebrew word is yare' and in the Strong's Concordance means:
a) (Qal)
1) to fear, be afraid
2) to stand in awe of, be awed
3) to fear, reverence, honour, respect
b) (Niphal)
1) to be fearful, be dreadful, be feared
2) to cause astonishment and awe, be held in awe
3) to inspire reverence or godly fear or awe
c) (Piel) to make afraid, terrify
Barnes' Notes on the Bible describes Psalm 47:2 and its use of the word as:
Now, I agree that the word "awesome" is so overused it has almost become a joke, "Dude, that wave was awesome!!!", but the way Almighty God is described as having attributes or his ways that are "awesome", does not in any way take away from the intent of the Holy Spirit's message. I resent the way so many words today have been confiscated and almost copyrighted so that people hestitate to use them. Words like "choice", "equality", "radical" and, yes, "awesome". But the word DOES fit when we use it to express the nature of our God because he IS to be feared, to stand in awe of, to reverence and respect.
Matthew Henry's Concise Commentary says about Psalm 47:2:
Lighten up, dude. :o)
from corrupt sources.