American Christianity right now seems a swirl of sometimes extreme Christian influences and ideas. So you have those on the Canterbury Trail who become more and more liturgical. Then you have crazies like Doug Wilson of the Gospel Coalition arguing that it was unbiblical to abolish slavery. The charismatic wing of the church doesn't seem quite so strong right now, but the church has waves of spiritual gifts from time to time.
Six years ago I self-published my analysis of the situation in popular form. History has decisively demonstrated that the "Scripture alone" principle results in a proliferation of groups that cannot agree on what Scripture teaches, the so called "Protestant Principle." Yet Cardinal Newman in the late 1800s embodied the ease with which one ends up Roman Catholic once you go down the "consensus faith" route, that looks for the commonly agreed tenets of Christianity as the binding point. The drawback of a charismatic approach is that the revelations proliferate even more than denominations who are pursuing Scripture do.
I think it would help if we acknowledge all three components of the equation (Bible-church-Spirit) and tried to balance them more.
1. original meaning
Let the Bible mean what it most likely meant originally. See each book as a moment in the flow of God's walk with humanity. Don't cook the books in regard to scholarship. Don't put artificial boundaries on the conclusions that you can reach. Let it say what it most likely said, wherever the evidence seems to lead. This is one leg of the stool.
2. consensus theology
Put a little faith in the common Christianity that developed in the first few centuries after Christ. You need this leg of the stool even to have a New Testament canon, since the books of the NT came together in the church. At least by the time of the Great Schism in 1054, we've lost the consensus in some areas. Constantine is probably too early. 451, when the dual natures of Christ were hammered out is a popular point to stop. Five centuries, four councils, three creeds, two testaments, one canon.
3. Spirit interruptions
Leave room for the Holy Spirit. Leave room for the Spirit to interrupt church trajectories, as in the Protestant Reformation. Leave room for the Spirit to apply Scripture directly to individual lives.
I don't think many were ready to hear my "balanced approach" ten years ago. In the current chaotic swirl, are there any takers? Ready to dismiss the Gospel Coalition as a mess of neo-fundamentalists? Are Protestants ready to give an alternative to your children becoming Anglican, Greek Orthodox, and Roman Catholic? Ready to tether that pneumatic free-for-all that is the charismatic movement?
The key is balance between all three important channels of authority...