It's easy to become fascinated by the actual theology of Erasmus and Luther as they argue through their theories in back-and-forth publications, but actually, the most beautiful thing about The Freedom of the Will is that it shows a new, academic way of treating the Bible. It is a huge step toward a more academic approach to religion, showing that systematic, logical thinking is necessary. An attempt to be reasonable, when combined with Erasmus's religious imagination, brings about new ways of seeing the world and understanding human life.
The people who are primarily interested in the Bible as a literary masterpiece (in a non-religious way, that is) will probably not be dazzled by Erasmus's arguments, but this book still contains a lot of value, because it demonstrates the issue of subjectivity. Erasmus is primarily writing about theology through his personal experience of life. Why don't he and Luther see the Bible the same way? Because their encounters with literature happen through the window of their own experience, which varies vastly from person to person.
As far as Erasmus's actual opinion is concerned, there is one argument that almost everyone would agree with: that if we live as if we are morally responsible for our choices, then we would become more ethical, responsible people. Although it's a moot point academically speaking, it is simply good advice to treat every decision as if there is an ideal outcome.
