In my sermon preparation I find most contemporary commentaries to be almost absolutely useless, and I rarely use them. I actually have very few in my library. This surprises some people, but there are other priests who feel the same way (such as my spiritual director - who is a very experienced priest). The thing that makes so many contemporary commentaries bad for sermon prep is that the information they contain is entirely too academic. It is as though they are written for other biblical scholars and not for pastors who are trying to expound on God's word for the feeding of God's people. The worst commentaries of all in my opinion are the Anchor Bible commentaries. They contain all sorts of minute information about Greek morphology, the types of sandals that ancient near eastern peasants wore, and such, but they offer very little insight into the spiritual meaning of the text. And besides that they are very expensive. They are certainly interesting (sort of in the way a Discovery Channel program is interesting), but altogether useless most of the time for sermon preparation. I used to think that the Sacra Pagina series was okay, but I am finding it to be more and more useless for the same reasons.
This is one of the areas where older commentaries (50+ years or more) are so much better than the new ones. They actually presuppose the scriptures to be the word of God that have something spiritual to say to us, and they attempt to offer insight into the religious meaning of the text. For my sermon preparation I actually find theological texts to be the most useful non-biblical tool, especially when preparing theme-based or topical sermons. So I use
some of the (few) older commentaries that own, the Bible itself, and theological texts the most when preparing sermons. And judging by the good reaction my sermons get I think I am doing the right thing.