The ESV (English Standard Version) is also a good translation - more literal.
The NLT is, as others have said, really more like a running comentary (i.e. a paraphrase). Nothing wrong with that from time to time, but it shouldn't be your only Bible.
Do you know about these resources:
http://www.biblegateway.com/cgi-bin/bible
http://www.crosswalk.com/
They are good for comparing translations - and for study as well.
Crosswalk I use because it has the Catholic Douay-Rheims and gateway for King James.
Yes I do enjoy the KJV, even though I think the removal of Wisdom, Maccabees et al is a travesty.
I get a lot of flack from my Catholic friends for it, but I think it's a beautiful translation with attention to integrity of translation. :)