This text explores, in depth, two antithetical schools of postmodern theology, namely the "radical orthodoxy" of John Milbank and the "nihilist textualism" of Don Cupitt. The text also offers a sustained and comprehensive critique of Milbank's influential project from a "nihilist textualist" perspective. Althought this critique shares a number of themes underlying Cupitt's project, it also identifies major difficulties with Cupitt's approach and concludes by mapping out a "third way" that leads beyond the responses of both Cupitt and Milbank.