A Great Un-indoctrinated Resource for Greek
I use this lexicon over any Bible dictionary or other lexicon I've found, as it's the most historically accurate and un-indoctrinated version to date. Provides an excess of great information about the use of many words, their historical significance, and has a very wide coverage for such a small book. If you're looking for a portable lexicon, this is your baby.
indispensible
I cannot do without the intermediate Liddle&Scott in my Greek studies: it is so useful: clear and comprehensive explanations, examples provided, verb forms presented in their different forms as separate dictionary items, which greatly facilitates finding the exact verb, in short, I recommend this dictionary to anyone studying the ancient Greek (I have used other dictionaries, like Benseler's Greek-German, or Veisman's Greek-Russian, but I like the Liddle&Scott the most.
Very helpful lexicon
Liddell and Scott's lexicon is available in three versions, the complete large set ("Great Scott)", this intermediate sized volume ("Middle Liddell"), and an abridged version ("Little Liddell"). I use the version of Liddell-Scott that is found on BibleWorks 7. And it looks to be this "Middle Liddell" that is the version on BibleWorks. And I would say this size provides sufficient material without being overwhelming.
Liddell-Scott gives the basic definition using one word or a short phrase. Shades of meanings are represented by giving more than one word or phrase for the basic meaning. When a word has more than one basic meaning, these are numbered using Roman numerals and listed individually. Reference to classical Greek authors is given for each of the various meanings or shades of meanings.
Being based more on classical Greek than NT Greek enables this lexicon to give definitions for words that might not fit with pre-conceived theological ideas. And that is good. Sometimes, a word has been traditionally translated in manner that does not reflect the original meaning of the word. So this lexicon takes one out of preconceived notions and back to how the word was actually used. And that was very helpful in finding exact definitions of words for my Analytical-Literal Translation of the New Testament: Third Edition (ALT). It was in part because of this lexicon that I rendered "ekklesia" as "assembly" rather than "church" and "hagios" as "holy ones" rather than "saints."
So I would highly recommend this lexicon.
This is the one.
Twenty years ago I earned a bachelor's in Greek. This was the only lexicon I needed (aside from using Autenreith's for a couple Homer classes). I still use this to this day. For a time I even had a copy of the "Great Scott" but it sat there unused...so I sold it and don't miss it. This one, the "Middle Liddell" all, and probably more than, you'll ever need.
Best single reference
This is an excellent work. It is unfortunate that in some fields, the tendency is to always prefer the latest and greatest. This lexicon was produced in the late 19th Century, but is still the best single resource one can get. The Intermediate Lexicon of Liddell and Scott has just the right balance between portability and coverage.
The massive LSJ is updated and covers everything, but you'll tear your rotator cuff trying to lug it around. Bauer, et al, has everything you want for the New Testament, but not Classics. I am a fan of the Oxford pocket dictionary for different reasons, but for serious work, come on, do you really want to try using a pocket lexicon in a language whose development (covered here, anyway) spanned close to a millennium? This one volume covers Homer through the Hellenistic Period.
Speaking of which, it is a great resource, but not perfect. Depending on your field, there are some specialized lexicons I would recommend. Lust/Eynikel/Hauspie's _Lexicon of the Septuagint_, Bauer's _Greek-English Lexicon of the New Testament_, and Abbott-Smith's _Manual Lexicon of the New Testament_ all incorporate early 20th C. papyri discoveries. They also have references to location within the literature they serve, and can act as a poor man's concordance. These other resources are useful because assigning existing Greek words to Hebrew/Christian religious concepts sometimes changed the meaning of those words in those communities. While the Middle Liddell has brief but sound definitions, I think these others are needed if you're working in Biblical Studies.
The quality of this Oxford University Press volume is outstanding. It will withstand many years of hard use. While the font is small, it is quite legible, and the printing and paper quality are very high. It's even reasonably priced! Once you have all the other specialized lexicons, you may not reach for the Middle Liddell as often, but if I was restricted to one Lexicon for all-round use (and thank goodness, I'm not), this would undoubtedly be it.