My favorite version of the Qur'an is the Muhammad Asad translation: The Message of the Qur'an. I have it in hardback, but it's also available online:
http://www.islamicbulletin.com/free_...quran_asad.htm.
The hardback version of this translation is
beautiful; it's full color with side-by-side transliteration as well as the original Arabic text. Beyond that, Asad provides really helpful, extensive context and commentary for most of the verses. While Asad's interpretation (because that's all any translation is, really) is certainly progressive, I believe it maintains the spirit of the original text quite well.