I just saw this post from Bill Mounce on Koinonia, and thought it was a helpful analysis:

http://www.koinoniablog.net/2011/10/antecedents-and-faith-eph-28-9-monday-with-mounce-113.html

It’s short and to the point. Salvation is all by grace, through faith, and that salvation is a great gift from God.