Here is a good summary of one aspect of the Federal Vision, by Douglas Wilson, emphasis mine.
"Jesus lived and died and rose by faith. We participate in His great obedience, and the fruit of His great obedience, on a derivative level, by faith as well. In the Pauline vocabulary, works and faith exclude one another -- they displace one another. But obedience and faith are not contrary principles at all. To believe is itself an act of obedience, and is the ground of all future obedience. When Christ believed God He was obeying God. When we believe God we are obeying God. There is nothing meritorious (in the quantitative sense of acquiring bookkeeping points) about this whatever. We are only doing what we were told."