At the outset of the literary work of the Society for Pentecostal Studies it is prudential to raise the issue of theological direction. What kind of theology characterizes us now, and how can we sharpen the focus? What traditions will we conserve, and what new ground will we break? What ethos will permeate our scholarly craftmanship? In short, what kind of theologizing will we do? This article proposes that as to our presuppositional stance and overall methodology we have an orientation unique and significant, not to be equated with the fish of "biblical theology" (as developed in twentieth-century neoorthodoxy), nor the fowl of "systematic theology" in its dominant traditional forms. But first we must inquire as to the general nature of theology before we assess presuppositional types, and then put forth a presuppositional model of our own.