The long conversation I have been having with John Tancock (starting here) illustrates rather well, to my mind, the difference between the theological approach and the narrative-historical (a.k.a. apocalyptic-eschatological, biblical critical, you name it) approach to reading the New Testament. John was responding to an old post entitled Did Jesus claim to be God?, but a couple of recent pieces have explored the conflict on a broader hermeneutical basis: The battle between theology and history for the soul of the church: 24 antitheses and Theology, narrative and history: how they work in practice.
From John’s perspective, as a long-standing defender of classic Trinitarianism against the barbarian tribes of Modalists, Arians, Oneness Pentecostals, Jehovah’s Witnesses, and others, interpretation of the christological texts is ultimately answerable to the Council of Nicaea. So if I do not agree with him that one text or another does not teach that Jesus is God, then it would appear that I am an Arian and so a serious threat to the integrity of the faith.
From my perspective, however, it is very difficult to see why interpretation should be held accountable to a debate that took place centuries later in a very different intellectual environment. If interpretation of the New Testament is answerable to anything, it should be to the court of the Jewish scriptures and, to a lesser degree, of the literature of second temple Judaism.