What does everyone here recommend in terms of the type and brand of glue to use when building lets say a telemaster 40?

I think you should have one of each of the following:

Thin CA
Med CA
Tightbond II
Gorilla or Probond Poly glue
30 minute epoxy

I don't care what the brand the CA or epoxy is.

I can build most kits with Thin CA and 30 minute epoxy. Medium CA is better for joints that don't fit exactly though.
Dennis-

When I go to the hobby store I ask for the cheapest CA they have!

I buy my epoxy glue at Wal-mart.

When you say Thin CA do you mean that stuff that is like water?

Thin is actually thinner than water. I use it on CA hinges and very few other places.

For a telemaster 40 I would probably use:

1/2 oz thinn CA
2oz Medium CA
A bottle of Carpenters Glue (Titebond etc)
30-minute Epoxy (For major stress areas like joining the wing, the Firewall, and adding the Stab and Fin)

Since I prefer the plastic hinges with the metel rod between the 2 halves the only use I found for thin CA is to stick fingers together! I like Medium CA, carpenters glue, and 15 or 30 minute epoxy. I built one plane with the Medium CA and carpenters glue for everywhere except the landing gear block. Used 15 minute expoxy for that and the hinges and 30 minute epoxy for the wing joint. I also pin the hinges with round tooth picks and epoxy. The plane is very strong and light.