I have just finished Frank's new article on Christological Hermeneutic, which you can read by clicking on the link above. It spoke of what has been on the back of my mind for years, that is the usage of allegory in the Scripture.
As far as we would readily embrace the literal interpretation of the Scripture, we should also give heed to the allegories (with reference to the Old Testament) made by Jesus and the disciples in the New Testament. This shows that there is nothing wrong in the usage of allegory when considering the proper handling of the Scripture.
Granted that allegory can be abused and taken out of context from the whole canon, yet it does not mean sanctioning the non-usage of allegory. When handled properly within the context of the whole counsel of God's holy word, allegory can be far more breath-taking, spirit-filled, refreshing and enlightening than other approaches of interpretation.
What we do need is a balance of the various approaches in Hermeneutic. And to understand that "the main purpose of the Scripture is to present, reveal, disclose, unveil, magnify, glorify, and exalt the Lord Jesus Christ."
"You diligently study the Scriptures because you think that by them you possess eternal life. These are the Scriptures that testify about me, yet you refuse to come to me to have life." ~ John 5:39-40