Somehow, I still find the KJV the most powerful and seemingly most accurate based on the original text. When it says it, it seems to "say it best," at least God seems to have used it that way for me. So, I still do Scripture memorization in that translation, and much meditation on Scripture using it. I tend to use it as the basis of comparison with other translations and occasionally with the Greek, for example. It is particularly useful with a concordance.
However, as good as the KJV is, it is difficult to read or follow along in for personal, family or corporate worship because some of the words are not commonly understood. The NIV, though not quite as good a translation, is very readable and seems to work well for family Bible reading, in Sunday School classes and other devotional settings. To a certain extent, we need to trust that God the Holy Spirit will get through the translation limitations and we can and will understand it according to His purposes for us.
More-and-more I am appreciating the ESV. This is a better translation than the NIV, and also a very readable one.
If I were starting out today, I would still use KJV as a base and probably use the ESV as a standard of comparison, and not be afraid to also occasionally compare with NIV, NKJV or a couple other good translations.