Whenever I read this verse, I have to think about the word "theopneustos" which has been translated "inspired" by some and "God-breathed" by others. However, I think the relation of the original word to the word "pneuma" has been overlooked. This verse is generally thought to be speaking of the origin of Scripture (as in, God spoke it out). Though I do believe in the divine origin of Scripture, I believe the verse is speaking more to the divine character of Scripture, as in, it is imbued with His Spirit.

2 Timothy 3:16