Happy or Blessed-which do you prefer?

I was reading today in the NRSV and Psalm 1:1 begins with "Happy".  I really like the NRSV,but something about using "happy" instead of "blessed" sounds like fingernails on a chalkboard.  I am old fashion and traditional,but it just seems like "blessed" gives a fuller meaning to the text than "happy."

I just wondered what others prefered?

Thanks.