This is the best place to ask this. What is your take and your denominations take on Federal Vision?
I have no doubt that these movements are out to undermine what the Reformers had accomplished over the last 400 years.
One of the foundational distinctives of the Federal Vision movement is the method which they use to interpret the Bible. Rather than treating Bible interpretation as a science or a method, they consider it much more of an intuitive art. Rich Lusk says,
In January 2002 Auburn Avenue Presbyterian Church (PCA) in Monroe, Louisiana, hosted its annual pastors' conference with speakers Douglas Wilson, John Barach, Steve Wilkins, and Steve Schlissel addressing the topic "The Federal Vision: An Examination of Reformed Covenantalism."
It seems as though this movement is a covenant theology such as the Presbyterian and Calvinist churches have. It is also postmillenial and post trib as well. There was a man on the radio whose name was Harold Camping. I am not sure if you heard of him or not, however he began Family Radio Broadcasting and he was very fundamental in the areas of eschatology and the church being Israel of the New Covenant.
This is similar to what the Federal Vision Theology is trying to state. That the new covenant Jesus made was with the Church, who is Israel. So they tend to allegorize the Bible and some of its verses to mean what it never was meant to mean, which is called "eisegesis" or reading into scripture what is not there rather than "exegesis" extracting from Scripture what is there.
So I believe it will be a trend and I also think it is highly dangerous because while it might sound biblical, it is far from it. We are in the end times and I recall what Jesus had told His disciples when He returns a second time. "When the Son of Man comes, will He find faith on the earth?" (Luke 18:7-9)
P.S. Wikipedia has a good article on the movement and there are many other sites that promote this federal or covenant theology.
“It is a necessary basic assumption of biblical interpretation that attention to the plain meaning of the text is the door to healthy understanding of the Bible.” (Paul Karleen Ph.D.)