Currently, my "favorite" bible to use and study is the "Life Application Study Bible."  Scripture is in the NIV version and is followed with easy to understand notes explaining the scriptures. 

2 Timothy 4:16-17

All Scripture is God-Breathed and is useful for teaching, rebuking, correcting and training in righteousness, so that the man of God may be thoroughly equipped for every good work.

Life Application Study Bible Notes NIV:

The Bible is not a collection of stories, fables, myths, or merely human ideas about God.  It is not a human book.  Through the Holy Spirit, God revealed his person and plan to certain believers, who wrote down his message for his people (2 Peter 1:20, 21).  This process is known as inspiration.  The writers wrote from their own personal, historical, and cultural contexts.  Although they used their own minds, talents, language, and style, they wrote what God wanted them to write.  Scripture is completely trustworthy because God was in control of its writing.  Its words are entirely authoritative for our faith and lives.  The Bible is "God-breathed."  Read it, and use its teachings to guide your conduct.

The whole Bible is God's inspired Word.  Because it is inspired and trustworthy, we should read it and apply it to our lives.  The Bible is our standard for testing everything else that claims to be true.  It is our safeguard against false teaching and our source of guidance for how we should live.  It is our only source of knowledge about how we can be saved.  God wants to show you what is true and equip you to live for him.  How much time do you spend in God's Word?  Read it regularly to discover God's truth and to become confident in your life and faith.  Develop a plan for reading the whole Bible, not just the familiar passages.

In our zeal for the truth of Scripture, we must never forget its purpose--to equip us to do good.  We should not study God's Word simply to increase our knowledge or to prepare us to win arguments.  We should study the Bible so that we will know how to do Christ's work in the world.  Our knowledge of God's Word is not useful unless it strengthens our faith and leads us to do good.

2 Peter 1:20, 21

Above all, you must understand that no prophecy of Scripture came about by the prophet's own interpretation.  For prophecy never had its origin in the will of man, but men spoke from God as they were carried along by the Holy Spirit.

Life Application Study Bible Notes NIV:

"Men spoke from God as they were carried along by the Holy Spirit" means that Scripture did not come from the creative work of the prophets' own invention or interpretation.  God inspired the writers, so their message is authentic and reliable.  God used the talents, education, and cultural background of each writer (they were not mindless robots); and God cooperated with the writers in such a way to ensure that the message he intended was faithfully communicated in the very words they wrote.