OK, I am going to go completely (well probably not so completely) out on a limb here...
In Leviticus 16:13-14 it says that "He (Aaron) shall put the incense upon the fire before the LORD, that the cloud of the incense may cover the mercy seat that is upon the testimony, that he die not: and he shall take of the blood of the bullock, and sprinkle it with his finger upon the mercy seat eastward; and before the mercy seat shall he sprinkle the blood with his finger seven (perfection) times."
The mercy seat sat upon the top of the Ark of the Covenant, and Two Seraphim gazed down upon it. Two angels were also looking down upon the resurrection/burial place of Christ...Luke 24:4. Peter will also mention ten verses later that the Angels desire to "look into" these things of the gospel.
I am no Greek Scholar at all, but if the KJV is right and Todd is right that there is a progression here, then it certainly is a curiosity. From reading it, I would agree there does seem to be a progression. If that is true then there ought to be clues in the context.
Verses 3-5 immediately follow and they speak also of three phases, although they appear to be recorded in a different order than verse two.
1.) Verse 3 emphasizes how we have been "begotten" (King James Version.) The ESV version renders it thus...rather than "begotten" it states, "caused us to be born again." As far as I understand, when I studied this...this is the single most powerful use of this "born again/begotten" idea anywhere in the New Testament other than when Jesus himself used it (I confirmed this with a friend of mine studying to be a greek scholar a few months back.)
This then echoes the "elect," past tense emphasis as Todd first pointed out. That lively hope...is a result of a "past tense" occurrence...aka the resurrection.
2.) Verse 4 looks forward to a future promise of an "inheritance incorruptible, and undefiled, and that fadeth not away, reserved IN HEAVEN FOR YOU." It is going to be very important to keep in mind the words I just caps locked.
So here we see a future tense occurrence correct?
3.) Verse 5 speaks of a present tense keeping, by the Power of God -Through Faith- unto salvation ready to be revealed at the last time.
I do not think you are wrong to suggest a progression even in the slightest as the following verses rehash this idea. Sorry to disagree with you Travis...I love you bro!
Galatians and Hebrews both make incredibly heavy cases that we are not only saved by faith but "kept" by faith. There were also articles "kept" under the mercy seat. Kudos to who can state what they were without looking it up :)
OK. Sorry this is so long winded...but there is an odd verse in the book of Revelation that I have always kept in the back of my mind, and I am wondering if it is just now starting to make sense because of your Question Todd.
"And the temple of God was opened in heaven, and there was seen in his temple the ark of his testament: and there were lightnings, and voices, and thunderings, and an earthquake, and great hail." -Revelation 12:19
Here is one more verse that is incredibly interesting in relation...Numbers 7:89 says, "And when Moses was gone into the tabernacle of the congregation to speak with him then he heard the voice of one speaking unto him from off the mercy seat that was upon the ark of testimony, from between the two cherubims: and he spake unto him."
OK, by now we have seen quite a few connecting concepts...an Ark, Voices, Sprinkling of Blood, and the ark is in Heaven in Revelation.
Is it possible that this sprinkling that Peter is speaking of is specifically that sprinkling of Jesus Blood upon the mercy seat?
Here it gets a bit more scholastic, and I suspect this is something not commonly known. The Word used for propitiation in the New Testament is "hilasterios" It is COMPLETELY linked to the concept of the mercy seat and the blood sprinkled upon it being the blood of Christ. I am completely tempted to write out all of Spiros Zhodiates commentary on the word "hilasterios," but for the sake of brevity (LOL) I will say one really interesting point. In the Greek language, the Antonym to "hilasterios," is "anathema," which you may quickly recognize to mean "accursed." Propitiation, linked to the mercy seat where the blood of Christ is sprinkled is the opposite of curse, but freedom from it.
Thus...when God looks upon the Mercy Seat...he sees the blood of the innocent lamb, his Son, who became a curse for us...and interestingly Revelation seems to indicate that this ark (mercy seat) is in Heaven. And voices come out of it in heaven...just like voices came through it on earth toward Moses.
OK...so if Peter says there in verse 4 that this inheritance is incorruptable and undefiled (pure blood of a lamb) and fadeth not away, and is reserved IN HEAVEN. Is it altogether unreasonable to assume it is speaking of the blood sprinkled on the ark of the covenant in heaven?
This then would explain why the "sprinkling of blood" is Future tense. Because we will enter into our inheritance based upon the Blood in heaven, which is yet "future" for us. Though it is present tense with God. Christs blood saves us, keeps us, and presents us faultless before his Father. It is also worth noting that 1John says that we have an "Advocate" with the Father. 1 John 1:1-2, where interestingly enough the word Propitiation is used again. The implication being...Christs Blood ever advocates for us...and that advocation cannot be separated from the idea of the blood on the mercy seat.
Is it possible that the voices heard in Revelation out of the ark are our prayers? Our prayers made pure to God through the blood of Christ through the sprinkling of His blood? If so, it would seem that the Ark of the Covenant is the PA system between man and God. As Moses heard voices from heaven through the mercy seat...
Well, uhhhh I guess that is my stab at it. Sorry for the length.