Recommended Reading

[Lance Kibagari]

I'd like to toss in a few of my favorites for beginners with Heathen leanings:

Everyman Edda by Snorri Sturluson (trans. by Anthony Faulkes).

In terms of translations of the Prose Edda, Faulkes' is still considered one of the best, and is the one I'd recommend first and foremost.

Gods and Myths of Northern Europe by H. R. Ellis Davidson.

Davidson was a very prolific author who focused on anthropological and archaeological evidence and theorized from there. This particular book contains a lot of information known to most Heathens (and perhaps some lesser-known nuggets) but is something I suggest for those new to the faith and looking for somewhere to start. She provides a lot of information on the various gods and goddesses, takes a look at many of the relevant myths from Snorri's Edda, and even dips into the cosmology and other concepts. A fantastic book with a relatively cheap price. I recommend that any serious student snatch up as many of her relevant works as possible.

The Poetic Edda by Carolyne Larrington.

There are a number of Elder Edda translations available; some are focused on the poetry itself, and others are focused on the meaning behind the poetry. This particular translation is in the latter camp. While the poetry itself is beautiful, it is, I believe, far more important to understand the meaning behind it first. After that is achieved, one may look at some of the more pretty translations. As this is one of our source texts, it's a must-have.  

[Lance Kibagari]

Sanguina Cruenta

You know it's funny, I've heard Larrington is one of the less accurate translations; she's easier to read but compromises accuracy. Hollander's generally recommended as the best and most accurate, and he tries to emulate Norse poetry forms too.

Strangely, I've had Hollander recommended for his emulation of the Norse poetry forms, but warned that he sacrifices accuracy for it. Meanwhile, I have heard some of the same things as you regarding Larrington, but I've yet to see a convincing enough arguments against either author to sway me.
I'm of the mind that most translations have their merits, unless one learns Old Icelandic and reads the Eddas in their original form. Since most of us won't be doing that, having multiple translations on hand isn't necessarily a bad thing.

I do recommend both Hollander and Larrington (and Bellows because it's free and not awful), but I had Larrington nearby at the time and that may have influenced my inclusion of her but not Hollander.