Frank Viola says it well in Reimagining Church (pg 58), a book I'm currently reading:
"The Reformation recovered the truth of the priesthood of all believers. But it failed to restore the organic practices that embody this teaching. The Reformation view of the priesthood of all believers was individualistic, not corporate. It was restricted to soteriology (salvation) and didn't involve ecclesiology (the church). The Reformers claimed the ground of a believing priesthood, but they failed to occupy that ground. In the typical Protestant church, the doctrine of the priesthood of all believers is no more than a sterile truth. It would better be described as the "priesthood of some believers."
May we all live out this wonderful priesthood by encouraging and exhorting one another to love and good works. All children of God are priests so let's start acting like it.