This is an exciting discovery. I have just come across a version of the Bible that is modern and free.
The NET bible (New English Translation / (Inter)NET Bible) is not only available for free viewing online (as most versions are these days) but can also be downloaded in its entirety for free, and may be quoted without restriction in non-commercial writings. In fact you can give away upto 100 complete copies before you have to ask for permission; compare that with the 500 verses, no complete book and no more than 25% of total work that applies to the other versions. [These same restrictions apply if you use it for commercial purposes.]
What got my attention though were the copious study notes that come with it. There are reams and reams of translation notes for the text, so you can get some insight into the translation difficulties of a particular passage; what the Greek words actually mean, what the tenses are, where the actual sentences begin and end (significant for much of Paul's writings) and why they chose the translation they did. It's like a transparent translation where you can still see all the nuts and bolts underneath. A great reference tool for checking out dubious exegesis!
I'm definitely going to be using it regularly in the future. I may have to start quoting from it if the 500 verse rule is ever enforced for complete blogs, as you are going to reach that limit sooner or later!