[ChinoCoug]

Hebrew Bible
Favorite is Robert Alter, Art of Biblical Poetry

Currently I'm reading the World Biblical Commentary on Daniel by CL Seow, a Hebraicist from Singapore.

Others include:
Alter, Art of Biblical Narrative (Basic; Alter's more famous one, but I like the other better)
Mark E. Smith, Early History of God: Yahweh and Other Deities in Ancient Israel (Eerdmans; Mormons are very interested in the ancient Israelite pantheon)
John Walton, The Lost World of Genesis One (IVP)
Walton, Ancient Near Eastern Thought and the Old Testament (Baker Academic)
Benjamin Sommer, The Bodies of God and the World of Ancient Israel (Cambridge)
Raphael Patai, Jewish Seafaring in Ancient Times (Princeton; includes appendix on the Book of Mormon)
Brueggemann, Birch, Fretheim, A Theological Introduction to the Old Testament (Abingdon)
John N. Oswalt, The Bible among the Myths: Unique Revelation or Just Ancient Literature? (Zondervan; fundy stuff)
Greg Boyd, God at War: The Bible and Spiritual Conflict (IVP; open theist)
Amanda Podany, The Ancient Near East (Oxford Very Short Introduction Series)
Margaret Barker, The Great Angel (Knox; also very interesting to Mormons)

New Testament
Bart Ehrman, Misquoting Jesus (popular press book but still very good)
Raymond Brown, New Testament Christology (Paulist)
Raymond Brown, Gospel and Epistles of John (Liturgical)
Michael Peppard, The Son of God in the Roman World: Divine Sonship in its Social and Political Context (Oxford; radical award-winning book; argues that NT Jesus was God's adopted son, but that's more prestigious since most heirs to emperors were adopted)
Kyle Keefer, New Testament as Literature (Oxford Very Short Introduction Series)
N.T. Wright, Paul: In Fresh Perspective (Fortress; leading conservative NT scholar)