I have enjoyed several books by David Wells, I am now reading "The Courage to Be Protestant". It's very informative and helpful.
Like Wells I have struggled with the label "Evangelical" because of how meaningless the term has become with myriads of protestants who label themselves as such. I do not oppose the use of labels, but they can be very misleading.
So what am I? I resonate very closely with what David Wells says early in this book:
I think of myself as a biblical Christian first and foremost, as in continuity with Christians across the ages who have believed the same truth and followed the same Lord. The period in which these truths were brought into the most invigorating, health-giving focus was the Reformation.
I therefore think of myself as Reformational in the sense that I affirm the solas: in Scripture alone is God's authoritative truth found, in Christ alone is salvation found, it is by grace alone that we are saved, and this salvation is received through faith alone. Only after each of these affirmations is made can we say that salvation from start to finish is to the glory of God alone. These affirmations do not stand simply as solitary, disconnected sentinels, but they are the key points in an integrated, whole understanding of biblical truth. This is what gives us a place to stand in the world from which to understand who we are, what the purposes of God are, and what future lies before us. These are the things that historic Protestants believe, and that is what I am.
Wells goes on to observe:
This is what I think offers the only real hope for our postmodern world. Not only so, but it carries in it the best help for the evangelical world in its wounded and declining state today. I do not know what the evangelical future will be, but I am certain evangelicalism has no good future unless it finds this kind of direction again. This will take some courage. The key to the future is not the capitulation that we see in both the marketers and the emergents (two classes of Evangelicals Wells sees as causing the decline in Evangelicalism). It is courage. The courage to be faithful to what Christianity in its biblical forms has always stood for across the ages.