Reply to OP
What specifically, excites or worries you about the new perspective on Paul?
I have not read every post in this thread, but I would like to offer these observations.
The New Perspective or Perspectives on Paul should be defined before they are attacked.
Lets just mention some of the issues.
1. Does grace mean "bestowal of define favor." I say yes. In my view of the salvation formula, we have faith + grace = salvation plus works. So works accompanies salvation, and results from salvation rather than works results in salvation. This is the Baptist view!
2. Faith as used by Paul means a faith from which faithfulness flows, i.e a full commitment to Christ, and could be better translated in Paul's usage as "faithful faith." This in no way suggests salvation is through faithfulness over our lifetime until death, which might seem Arminian to a degree. If God credits our full blown faith as righteousness, a one time event and not a process, then God puts us spiritually in Christ and we are saved forever. Our faithfulness post salvation earns rewards or not, but if not we would still enter heaven as one escaping from a fire, rather than "abundantly."
3. The stalking horse Calvinism uses for Limited Atonement is called "Penal Substitution" where Christ died only for the elect and paid the penalty for each and every sin of the elect, but did not pay for the specific sins of the non-elect because that would result in "double payment" when the sinners consigned to Hell are punished for those same sins. However, the New Perspective, or one of them
rejects Penal Substitution and endorses some sort of "Satisfaction" theory where Christ's sacrifice becomes the propitiation for the whole world but only those spiritually placed in Christ receive the reconciliation.
4. The Old Perspective holds that when Paul refers to "works of the Law" he is referring to any effort on the part of the lost to earn salvation through obedience to the Law. The New Perspective says the works of the law refers to the practices of circumcision. dietary rules and observance of special days. Contrary to the assertions posted above, this new perspective does not assert we can merit salvation, but also does not cast aspersions on our efforts to seek God and Christ through faith, consigning those efforts wrongly to a work of the Law.
And now, 12 Strings, you know why the NPP was attacked and slandered by the usual suspects, because it provides a well studied rejection of some Calvinist eisegesis.