What is (are) the best translation(s) of the bible?

[Rev. Rye]

Is there a certain one that's a favorite among scholars today? I know my dad had to get an English Standard Version translation for his theological studies. I'd ask him what's the best one to study, but I want to know from a secular/historical standpoint rather than an apologetic Christian standpoint.

Well, if you're a scholar, there's some interlinear translations that use the original hebrew and Greek texts, and most any Biblical scholar worth his salt will eventually learn both languages. However, the closest dedicated English translation to one of them is the Amplified Bible (with parenthetical notes which try to give as many nuances as possible). And I'm pretty sure BibleGateway should have a copy of it.

Do the different sects use different translations? What do the Catholics favor? Orthodox? Mormon? I know Protestants favor NIV and KJV in Church generally.

Yes:
Catholics: They do their own translations. The classic is the Douay-Rheims, the one my grandparents have is a Jerusalem, and the one I used in my Catholic High School was the New American Bible.
Orthodox: An Orthodox version is currently being translated. Mostly, however, the text is usually in either Greek or (Old Slavonic) Russian.
Mormon: Strictly King James. I wasn't sure whether to be surprised or not when I learned that.