Okay, this has been bothering me. The reason I don't use a phrase by phrase bible for my main reason is because with a phrase by phrase bible the translators have a lot of room to change things to fit their beliefs. I'm not saying they change things intentionally but they are writing the phrase they believe fits what the verse means, which varies from person to person.
Literal translations, on the other hand say nearly the exact same thing for every verse. The ESV and NASB are so close that sometimes I can't tell the difference.
I'm not saying phrase by phrase is bad, but I would constantly be switching between phrase by phrase bibles to make sure I'm not only getting what the translators want me to get.
Also on that point, I believe that it's good to read from multiple different versions anyway. Sometimes just having one word changed can make a verse that meant nothing to you your favorite verse.