Just got over with bible study on Colossians. Had an interesting discussion about...do we need the bible? The arguement is, Paul and the other apostles didn't have the New Testament (before it was written) when they were filled with the Holy Spirit and thousands were saved each day. So why do we need it today?
Well, we kind of decided the answer is...we need it today for correction. We read it, and it either confirms the way we are already living our lives...or it lets us know we need to make a change. Christ in you is the most important thing, and the New Testament shouldn't just be more Law.
I think some people have been led to believe that studing and memorizing the bible will solve their problems. A chapter a day keeps Satan away?? but really...it's only Jesus the person that can bring reconciliation to God.