Here's a follow-up post, with another fantastic section from The Gospel Coalition:
II. How should we read the Bible? (The hermeneutical issue)
1. Reading “along” the whole Bible. To read along the whole Bible is to discern the single basic plot–line of the Bible as God’s story of redemption (e.g., Luke 24:44) as well as the themes of the Bible (e.g., covenant, kingship, temple) that run through every stage of history and every part of the canon, climaxing in Jesus Christ. In this perspective, the gospel appears as creation, fall, redemption, restoration. It brings out the purpose of salvation, namely, a renewed creation. As we confess in CS–(1), [God] providentially brings about his eternal good purposes to redeem a people for himself and restore his fallen creation, to the praise of his glorious grace.
2. Reading “across” the whole Bible. To read across the whole Bible is to collect its declarations, summons, promises, and truth–claims into categories of thought (e.g., theology, Christology, eschatology) and arrive at a coherent understanding of what it teaches summarily (e.g., Luke 24:46–47). In this perspective, the gospel appears as God, sin, Christ, faith. It brings out the means of salvation, namely the substitutionary work of Christ and our responsibility to embrace it by faith. As we confess in CS–(7), Jesus Christ acted as our representative and substitute, so that in him we might become the righteousness of God.
3. How this reading of the Bible shapes us:
1. Many today (but not all) who major in the first of these two ways of reading the Bible—that is, reading along the whole Bible—dwell on the more corporate aspects of sin and salvation. The cross is seen mainly as an example of sacrificial service and a defeat of worldly powers rather than substitution and propitiation for our sins. Ironically, this approach can be very legalistic. Instead of calling people to individual conversion through a message of grace, people are called to join the Christian community and kingdom program of what God is doing to liberate the world. The emphasis is on Christianity as a way of life to the loss of a blood–bought status in Christ received through personal faith. In this imbalance there is little emphasis on vigorous evangelism and apologetics, on expository preaching, and on the marks and importance of conversion/the new birth.
2. On the other hand, the older evangelicalism (though not all of it) tended to read across the Bible. As a result it was more individualistic, centering almost completely on personal conversion and safe passage to heaven. Also, its preaching, though expository, was sometimes moralistic and did not emphasize how all biblical themes climax in Christ and his work. In this imbalance there is little or no emphasis on the importance of the work of justice and mercy for the poor and the oppressed, and on cultural production that glorifies God in the arts, business, etc.
3. We do not believe that in best practice these two ways of reading the Bible are at all contradictory, even though today, many pit them against each other. We believe that on the contrary the two, at their best, are integral for grasping the meaning of the biblical gospel. The gospel is the declaration that through the death and resurrection of Jesus Christ, God has come to reconcile individuals by his grace and renew the whole world by and for his glory.