The Reformed world is all in an uproar about what they call “the Federal Vision,” with many prominent Reformed folks embracing this new way of being Reformed with great excitement while others are denouncing it as an out-and-out heresy. (For example, Peter Leithhart, who has written some fine things about literature, was actually tried for heresy by the Presbyterian Church in America, though he was just acquitted last week.)
We Lutherans approach all of these issues in a completely different way, so I have to admit that I don’t understand this movement one way or the other. It sounds like the Federal Vision people have a much higher view of baptism than is normal in Reformed circles, though they deny baptismal regeneration. And yet they seem to have some problematic views about justification (flirting with N. T. Wright’s New Perspective on Paul) and the imputation of Christ’s righteousness.
Here is what seems to be an authoritative account of the teachings from a website on the subject: FV for the Average Joe « The Federal Vision.
I would be glad to hear some Reformed explanations on either side of the issue. I would especially be grateful for a Lutheran appraisal of what is going on.