If one were to read this study Bible without either a strong faith or having spent time reading more Christian commentaries, one would quickly begin to experience doubts. Here I will try to give some examples of the glaring problems, though I hope to be forgiven for not providing exact citations from it. I do not have it on hand, but much of what I say may be readily confirmed in the Amazon preview.
To start, the book is clearly taking the minimalist position. They argue basically for what Israel Finkelstein would suggest, that Moses and the Patriarchs were mythical, and that Israel arose simply out of the native Canaanite population.
Had we lived in a time where there was no good conservative scholarship, this would be excusable. We do not live in such a time, however. James Hoffmeier, Kenneth Kitchen, Iain Provan, etc. are all perfectly good scholars working in a conservative framework. This is also not to mention Richard Elliot Friedman, who is by no means an evangelical, but who recently wrote an excellent book defending at least a small-scale Exodus. It's not difficult to find defenses of the Old Testament, and for the USCCB to endorse a book that basically drinks the Critical Scholarship Kool-Aid is unfortunate to say the least.

Their work on the New Testament is not much better. They do not argue positively for the apostolic authorship of the Gospels, while plenty of arguments for this exist. To give them credit, they seem to avoid challenging biblical inerrancy directly, instead speaking of any issue they would take as related to 'genre.'
It's sad that the American bishops would be endorsing this type of book while evangelicals are doing so much good work to defend the Bible. It reminds one of the beginning of the book of Revelation where the candlesticks of the unfaithful Churches are to be extinguished. Instead of teaching sound Christian ideas, they are willing to teach the prestigious critical opinions of liberal Protestant scholars.
From Revelation:
"Write down thy vision of what now is, and what must befall hereafter. As for the meaning of the seven stars which thou hast seen in my right hand, and the seven golden candlesticks, the seven stars are the angels of the seven churches thou knowest, and the candlesticks, seven in number, are the seven churches. To the angel of the church at Ephesus write thus: A message to thee from him who bears the seven stars in his right hand, and walks amidst the seven golden candlesticks: I know of all thy doings, all thy toil and endurance; how little patience thou hast with wickedness, how thou hast made trial of such as usurp the name of apostle, and found them false. Yes, thou endurest, and all thou hast borne for the love of my name has not made thee despair. Yet there is one charge I make against thee; of losing the charity that was thine at first. Remember the height from which thou hast fallen, and repent, and go back to the old ways; or else I will come to visit thee, and, when I find thee still unrepentant, will remove thy candlestick from its place." (From the Book of the Apocalypse, ending of Chapter 1, beginning of Chapter 2.)
If we look at the time before the Second Vatican Council, American Catholicism was much stronger and a power to be reckoned with, now it has fallen into weakness. If we look at the evangelical movement, they are doing very well. It is not therefore the case that Catholicism is on the decline because the society around it has lost any reason to be Christian, but that those who are seeking an authentic faith are often not finding it there.