Brad Littlejohn, the leading proponent of Richard Hooker today, gave a good paper defending the Protestant view of the Eucharist. I highlight the key points here.
Key argument 1: We are so accustomed to hearing that the Reformation debate was over whether or not Christ’s body and blood were present in the Eucharist that we really need to pause to wrap our heads around this: the central debate, the issue for which many were to pay with their lives, was whether bread and wine were present in the Eucharist.
1.1. If the Eucharist is parallel with the Incarnation, then the bread and wine need to be really present, otherwise we have docetism.
1.2.1. If Christ’s present, per transubstantiation, replaces the bread and wine, then the modern advocates of “Incarnationalism” are actually guilty of the very thing they accuse Reformed when they say we don’t have an “enchanted” view of creation.
2. How can a body, Christ’s, which is a quantum, be present yet not by way of quantity? If they say he is present by quantity, then given multiple masses, he has multiple bodies.
3. The mode of Christ’s presence is the Holy Spirit. Christ is really present.