Hey:

Postmillennialists and Preterists interpret the phrase from Peter as meaning the "Elements of Society." That is, that the societal structures which are in place now will be "burned up," and will be replaced by Christ and His kingdom on Earth (the physical heavens and earth will remain the same). Most Postmills understand this as beginning to occur before the Second Advent (i.e. "Golden Age") and then Christ returns to commsumate it all.

Premills understand this occuring after the Second Advent when literally the physical heavens and earth are destroyed, and Christ forms a new heavens and earth. Most Amills view it this way as well, but there are some who hold to the Postmill position. Amills cross-reference the Peter passage with this one in Hebrews:

And, Thou, Lord, in the beginning hast laid the foundation of the earth: and the heavens are the works of thine hands. They shall perish; but thou remainest; and they all shall wax old as doth a garment; And as a vesture shalt thou fold them up, and they shall be changed; but thou art the same, and thy years shall not fail, Heb 1:10-12.

Paul, here, is speaking about the physical heavens and earth, because the foundation of the earth was laid, "in the beginning." I think Peter is referring to the same event.

Grace and Peace,

-CH

__________________
In Essentials Unity, in non-Essentials Liberty, in all things Charity.

Robert Paul Wieland
Springs Reformed Presbyterian Church
Colorado Springs, CO RPCNA
Student at Reformed Presbyterian Theological Seminary, Pittsburgh PA
B.B. Warfield's definition of Theological Students: "Angels preparing to sound the Trumpets."