http://en.wikipedia.org/wiki/New_Living_Translation
i liken it to the
http://en.wikipedia.org/wiki/TNIV
both are "gender inclusive". (some folks are very offended at this and are extremely against these kinds of translations)
the NLT is, in my opinion, a "middle of the road" translation otherwise as far as conservative, literal translations vs paraphrase, "liberal" translations.
here is my personal review with some others for example, that might be recognizable (from most conservative to least, as far as literal translation is concerned):
New American Standard Bible (1995)
KJV, NKJV, English Standard Version (ESV) (all at about the same level)
New Revised Standard Version (NRSV), New American Bible (NAB - RCC)
NIV, Holman Christian (HCSB), TNIV
New Living Translation (NLT), New Jerusalem Bible (NJB - RCC)
Contemporary English Version (CEV)
The Living Bible (TLB)
Amplified (AMP), The Message (MSG)
Might I suggest that you have more than one "version". I don't have a bajillion versions just so that I can say I have them.

There are contexts and situations that warrant the use of different versions.
For example, the KJV, being most (maybe NIV is catching up?) popular, I have one to use at church and for churches I visit. some have gone more "liberal" and are using the New KJV, so as appropriate a NKJV is used.
There are many Bible-helps and tools that are also geared for the KJV.
The NASB (my personal favorite choice) is great for study as well, especially since those same tools for the KJV are also available for the NASB.
I enjoy reading the NASB as well, but many prefer the NIV, or even the Message for just "reading". I also "listen" to the Bible and have MP3 version of KJV, NASB, and Message (as well as a couple Greek NT MP3 versions)
Then there is the essay-study and sermon prep-study. in these cases, I use at least a handful of versions for comparison; including KJV, NASB, Message, Amplified, and others depending on too many variables to count when doing this work. But having at least a couple versions available would be a good idea, and highly suggested.
depending on the study-type, will also allow for more versions, and language versions as well. Many times, as example, I will use German and Spanish when needing to find specific comparisons and searching for clarification of personal application.
Under the right contexts, it's a good idea to have other translations that are not so "good". The TNIV (and NLT), for example is great, but leaves out some of the male personal pronouns, etc.
And if working with (witnessing, conversing, discussion, etc...) JW folk, having an understanding of their New World Translation and the Emphatic Diaglot (their Greek interlinear) would be a great idea.
Of course then if studying LDS and you don't have a pearl of great price and BOM, you may get lost. similarly, I have several versions of the Quran for interest in Islam.
kinda went on a rabbit trail, sorry.
The NLT is a good translation, but I would suggest that it be used as a comparative, and not necessarily a primary. hope that helps.