I first read the 1967 paperback translation by Michael Glenny. It claimed to be the "only complete, unexpurgated edition" of the book and was the only version I was aware of in 1968. I read it once on my own (on the recommendation of a professor) and again in the 1968-69 school year in a Russian literature class. I loved it then for all the reasons given in the many reviews listed below. I read it a third time several years later and still loved it.
So now it's been 30 years since I withdrew from the second year of a masters degree program in Russian, and I decided I wanted to read "The Master and Margarita" in the original. I'll confess over the years I have had very few occasions to use my Russian and so have forgotten a great deal. I started reviewing my Russian and convinced several friends to read this book in translation so I'd have others with whom to discuss it. I purchased the Burgin/O'Conner translation (which seems to be the favorite among the many reviews given here) and currently await the Pevear/Volokhonsky translation from Amazon.com. My happiest moment came when I found the book in Russian on the Internet. I now am able to read a chapter in English, then in Russian. I am not yet at the point where I can read the Russian only, but I plan to get there soon. I will say that I do find the Burgin/O'Conner translation superior to the Glenny, but it is interesting to compare how the different translators have dealt with the Russian text. When I receive the Pevear/Volokhonsky version I will have a third opinion to compare.
The real reason I am writing this is to say that I disagree with those who say if you can't read it in the original, it's not worth it. It is definitely worth it. In 1967 I fell in love with this book using the translation that seems to be regarded as the poorest of them all, and while I am enjoying the new translation much more, I would recommend reading this book in any translation you can get. It is simply a book that is so good it is worth reading no matter what. Get the best translation available, read it, and don't be discouraged by those who say you have to read it in the original.
However, if you can read Russian and want to get a copy in the original, it is available from the White Nights Bookstore... The entire site is in Russian, and it offers an impressive array of books from "Internet for Dummies" in Russian to translated Danielle Steele novels (horrors!). I was amazed at the Russian language sources on the net. From siber you can get instructions on Russifying your computer so that with the click of a toggle, you can type in Russian or back to English. Another source of books in Russian is Hermitage... Znanie Bookstore in San Francisco has a site in progress... There are many others, so go searching!
Thanks to Amazon.com for providing this forum for all of us to tell the world about this incredible book! Everyone should read it!