Well, maybe that's for you to decide. You'll certainly hear a hundred different answers from a hundred different people. If a version of the Bible is not accurate to the original, inspired texts, it is less reliable as God's Word. Likewise, if the language is inaccessible to the reading audience, it does just as little good. Formal equivalence translations push word for word accuracy, but often sacrifice readability.
Paraphrases focus on readability, too often sacrificing textual accuracy.
For this reason, I find dynamic equivalence to be the best approach for modern Bible translation. Dynamic equivalence translators usually do a good job of overcoming the barriers of culture and time by clearly translating idioms and figures of speech from Bible times. They usually adhere strictly to the original languages, yet seek to make the original author's intent as clear as possible to the modern reader. In so doing, of course, some dynamic equivalence translations are better than others. Remember that most translations are best placed somewhere along the spectrum - a little closer to formal equivalence, or a little closer to a paraphrase.