
Lots of different people are involved in this conversation. But neither they nor I know quite what it's all about. Emerging types believe that the best way to win the postmodern world (trendy eh?) is to copy the postmodern world. Bad stuff like absolutes have to go now that we have outgrown old Enlightenment epistemology (that's bad).
Emerging voices don't believe in gospel truths like penal substitution. They tend to say that Christ was offered as a ransom to Satan. This makes the cross much more acceptable to postmoderns who don't like the idea of sin and judgement.
Because Emergents view the Bible through postmodern lenses, they can't really tell you what it means. What matters is what the Bible means to you. Any attempt at responsible exegesis is viewed as manipulative power play.
So, now you know.