“When it is understood correctly,” as the apology states, this is most certainly true. The unfortunate thing in the history of LCMS Theology is that Justification became, for some, an abstraction. Of course, it was never taken to its logical extreme. But it was not rooted in Christology, that is in the Person and Work of Jesus Christ, as “understood correctly” demands.
The over-correction to this weakness, which you rightly lament, is no solution. Returning to dead orthodoxy or Pietism are not solutions either (both of constant temptation to the sons of Walther). Justification is the chief article. But we are not saved by Justification. We are saved by Christ. What we seek is not repristination or Luther-dolatry or relativism, but a constant re-formation by the Holy Spirit from the Holy Scriptures and constant in-formation from the Confessions and (dare I to say it?) tradition.
McCain: It boggles my mind that anyone could, even upon a cursory reading of the Book of Concord, not be absolutely overwhelmed by the joyful power of the confessions which hold Christ front and center, consistently and throughout, precisely because the doctrine of justification by grace through faith is front and center everywhere! Blows my mind. I can’t even understand it. I can maybe explain it, but everytime I read the Confessions I come away with such a powerful and overwhelming feeling that I’ve been entirely given over to Christ Jesus our Lord and have Him, and only Him, before my eyes, in my heart, and in my soul. Thanks for your comments. We are not saved “by” faith, or “by” justification, but…only, and always, by the love of God in Christ.

I would have to disagree with Peterson. Since Christ is our Justification, we are indeed “saved by Justification.”
We are justified by God’s grace through faith in Christ. Justification, grace, faith, and Christ are a package deal and one must get the not only the spelling of the words, but also the definitions, rightly.
Which is why the Joint Defamation of the Doctrine of Justification, issued by Rome and the “Hell-FW” (+K.M.), is such a farce.

I would disagree also with Peterson, but then again not. The problem with this generation in the church, is that it separates doctrine, and with it the person and work of Christ. Peterson is right in that all of this is Christological, but focusing on Christ without the work / doctrine of justification is as bad as dead orthodoxy or pietism. It makes for abstract or subjective realities.
Where is this Christ in whom you speak? We would say, in His proper work, as well as alien work. He is in His word that we servants of the Word are in the office to bring to the world. This is the work of reconciliation, done only by justifying sinners—continuing His word in His stead. This is preaching Christ, but it must always be in the context of justification.
Without preaching our justification, Jesus just remains the greater Moses– the greater Law giver, not the justifier. That is why we must preach a LAW/Gospel distinction of Christ. We must see first of all that He kept the Law for us. That deeper and more cutting Law that He preached, required and then fulfilled Himself.
We can only approach boldly the throne of Grace, because of the amnesty declared, which is in Christ and because of Christ, but never realized until the Word of Grace, i.e. the Gospel, i.e., Justification, i.e. YOU are justified be before God, is preached, and faith created in our heats from this preached Word so as to actually take hold of it.
To preach Christ is to preach our justification. Our justification does save us, because this is what Jesus came to do– to justify us before God. Just like we say our Baptism saves us. Is it the water that does, or is it Christ? My point is, there is no speaking of them apart. Christ saves us in that water, which Has His Word. Is it Christ, His Word or the Water? All of them—baptism saves.
In this we have been accused of trusting mere ritual instead of Christ. Also we can add the Sacrament of the Altar here too. The 17th century ordo salutes issue again. Lets just always be ready to fully say just what justification is. It is never separate from Christ—Christology.