I find it absolutely fascinating the controversy that this book has created.
Concerning whether or not this book should be incorporated into the so-called "canon," I do not feel that I am qualified to speak. However, I would like to attempt to clarify a few of the supposed contradictions between I Enoch and the Bible.
As far as 2 Peter 2 goes, the context of the passage on angels (v. 11) is that angels do not blashpheme God in the same way that humans do (see the Peshitta translation of the Bible by George M. Lamsa - it is a bit clearer).
When it comes to Jude and his epistle, the idea of his quoting Enoch sarcastically is absolutely assinine - just read the Epistle of Jude.
Timothy names Jesus as the supreme intercessor between God and man. In a more general sense of the word, however, there were many people who acted as intercessors between the people of Israel and God (such as Moses, the greatest of all the prophets next to Jesus!).
Finally, Jesus said that in Heaven - or rather, in the world to come - people would not marry each other. However, according to I Enoch, the angels had sex with humans, which did not necessarily involve being married to them.
Concerning the "mythical" aspects of Enoch, they are no more "far fetched" than anything in Scripture.
I Enoch is absolutely fascinating. Enoch is assumed up into Heaven, travels through the Heavens, is told secrets of the coming judgment and the messianic age, sees the workings of Heaven, and pronounces judgements upon the wicked angels.
Although I do recommend that one reads this book since it does, according to Jude, contain prophecy, I recommend it most of all for the sake of improving one's education. Whether or not you believe that it should be in the Bible, it is an important piece of literature and even if it isn't accepted as Scripture by most people, that doesn't mean that it is any less important or worthy of one's time or attention.
As far as this translation goes, it is a bit outdated (which is why I only gave it 4 stars). If you can afford it, buy:
Old Testament Pseudepigrapha, Vol. 1: Apocalyptic Literature and Testaments.
Otherwise, this or the R. H. Charles version will suffice.