The New Perspective

Was Paul preaching about salvation by works vs. grace or about something else entirely?

I'm not sure what I think about the new perspective on Paul and I'm not even sure I understand all of the implications. Is there legitimate support for the view that Paul is talking about Jews boasting in their own election and not as trying to earn salvation by merit? I think some of the arguments proposed seem to be compelling, but I don't know much of the other side. Well, in a way I guess all I know is the other side, the traditional reading of Paul, I just don't know much of the response to the NPP. Of course, I know where there are tons of resources to read about it - and I have read a few - but I wanted some opinions on what you all think of the perspective.