Peter Kirk has an interesting post on Bible Deists, those who believe that God spoke only through the Bible and has basically been out of touch in the intervening time. He quotes extensively from Jack Deere’s Surprised by the Voice of God. Deere makes many of these points.
One of the elements I emphasize in the participatory Bible study method is the importance of prayer and listening to the Holy Spirit (See the pamphlet I Want to Study the Bible!). In addition, I emphasize the importance of continuing revelation and the broader nature of the word of God as God’s expressed will throughout creation (What is the Word of God? and Seven Barriers to Hearing the Word).
Peter Kirk makes some excellent points in his post, and I recommend reading it. One can indeed stray from hearing the God of scripture in either direction–fundamentalist or scholarly.