Yes, Father Ray Brown is an approved scripture scholar in the Catholic Church, and yes, he is well respected by his peers.

And that is something I have never and will never understand.  

Whether Ray Brown is a good example of "current" scholarship I am not sure.  He is certainly a good example of 1970's style Catholicism and theology.  Catholic Scripture scholarship I think is beginning to move on.  Even in the 70's, I think Brown was dated--compared to the liberal Protestant scholarship.  Though I admit I am only telling you what I have heard.  I don't claim to be a Scripture scholar.  

Scholars I like--Scott Hahn in the Catholic circles.  I also read a lot of Protestant scholars since I find it difficult to find anything good in Catholic circles aside from Hahn and professors like him.