Within his article stressing the need to return to the actual gospel as found in scripture, Dr. MacArthur presented his understanding of that gospel. Lets take a look at some snippets from it, and see if it is biblically based.
I am bound by Scripture and reason to declare that Jesus is Lord, in the full sense of that term, and I am his slave, also in the full sense of that term. I love him. I bow to him as God the Son in all the fullness of his deity and with faith in all the fullness of his work. My slavery to him springs from a heart of love that drives me to obey his Word gladly. This is a perfect reflection of his infinite mind and holy nature. What Christ do I love? What Christ do I preach? We preach Christ, who is the eternal Son, one in nature with the eternal Father, and one with the eternal Spirit—the Triune God. He is the Creator and Life-giver as well as the Sustainer of the universe, and all who live in it. He is the virgin-born Son of God and Son of Man—fully divine and fully human. He is the one whose life on earth perfectly pleased God, and whose righteousness is given to all who by grace through faith become one with him. He is the only acceptable sacrifice for sin that pleases God, and whose death under divine judgment paid in full the penalty for the sins of his people, providing for them forgiveness and eternal life. He is alive, having been raised from the dead by the Father, validating his work of atonement, publicly declaring him righteous, and providing resurrection for the sanctification and glorification of the elect, to bring them safely into his heavenly presence. He is at the Father's throne interceding for all believers. I approach his perfect, pure, inspired, inerrant, and true Word with objectivity, rationality, veracity, authority, incompatibility, integrity, and unreserved faith.
I would think the gospel wording should be changed to ".
..in full the ransom for all humankind, providing the means of forgiveness and eternal life.
Next, I would reword the second red section with "...providing redemption, sanctification, and glorification of the elect, bringing them safely into His heavenly presence."
Other than those two corrections, his presentation of the gospel is spot on, in my opinion.