The Life & Times of Jesus the Messiah was one of the textbooks I had when I was in Bible college. Written by Alfred Edersheim, a Bible scholar who had converted to Christianity from Judaism, the book gives the background around Christ's ministry on earth, detailing what was going on around him at time, as well as the Jewish customs and traditions that influenced His words, as recorded in the Gospels. When trying to determine the meanings behind much of what was said, it helps to know who the audience was. There is a newer edition available, but it's more than twice the price, and I think that the only things updates are the maps and illustrations. There is a Kindle edition for $0.99 but if you can afford the printed copy, you'll find the maps and illustrations to be more helpful than in the Kindle edition. Plus, the book is more than a thousand pages so that's a lot to go through on a Kindle.
I have no idea how theologically sound my Quest bible is, but one thing I like is that each book is prefaced by lots of information, including it's historical context and the audience. It makes all the difference.
I answered my own question. It was developed by the editors of Christianity Today along with over 100 respected Bible scholars and pastors. Based on the NIV.