Not necessarily. Your question, to me, suggest an oppositional approach to the topic (i.e. formal versus functional). I don't see them as oppositional forces competing against one another. Both are necessary and helpful. If someone is happy with the NASB (i.e. formal), I say that is just fine. If another says I prefer the NLT (i.e. functional), I say great. Just keep reading your Bible no matter which translation it is you choose. Stay in the Word.
However there are some so-called translations or paraphrases I would certainly tell people to ignore (i.e. NWT and the Message).