"Chosen generation," "royal priesthood," "holy nation," "His own special people," "the people of God"..... Sounds to me like Peter is describing the church with the same adjectives used to describe Israel. I find it puzzling why so many people insist on focusing on God's plan for national Israel when it is the spiritual Israel that is promised God's blessing. Christ tore the temple veil in two. All believers now have access to the Holy of Holies. Our bodies are temples for God's Holy Spirit. Why would He wish to once again return to a temple made of stone?
Mormon guru Franklin Covey ("Seven Habits" guy) discusses the "circle of influence" and the "circle of concern." Really effective people focus on those things they can influence. Ineffective people (self included) tend to let their attention run free, and worry about things beyond their assignment. It's easier to worry about the "trilateral commission" than it is to home school your kids. Premillenialism is a form of escapist fantasizing, which utlimately means avoidance of current issues, current opportunities, current responsibilities.
I attend to debates on eschatology because of first-hand experience with the debilitating effects of sick expectations.