I have owned a CEV Bible for a couple of years and have read what prominent theologians and scholars have said regarding its translation and relevance for various uses. I have concluded it should be used very carefully.
As a Study Bible: No... The CEV is not a literal translation which automatically disqualifies it from use for in depth study as a main text. Instead; ESV, NASB, NKJV, KJV.
As a Daily Bible: No... The CEV is so paraphrased that many verses are almost unrecognisable when compared with more literal translations. Instead; ESV, NASB, NKJV, KJV, (possibly but only loosely recommended; NIV, NRSV, HCSB.)
As a Childrens Bible: Maybe... Because it is so easy to understand the translation then it would be suitable for children in that respect, however with faithfulness to the true interpretation of scripture and how to teach a child to explore the word for themselves I would go for something more solid, a halfway house so to speak i.e. NIV or NRSV, modern language in both so easy for a child to understand and much more faithfull to the original texts.
As a Secondary or Third Text: Yes... I would not describe this bible as a bible, more of a bible commentary because it has gone overboard with how far away from the literal meaning it has strayed. Therefore when used in conjunction with a truer translation it could be used effectively to comment on difficult verses as an opinion as any other bible commentary would but not as biblical truth. other options for this role would be; Amplified, NLT, NRSV.