The positive and negative aspects of the last part of verse 6 are elucidated further in this verse. It is possible to translate of great value as “honor” (literally “The honor is to you who believe”), in which case the meaning of the expression could be that those who trust in Christ share in the very honor which God has given him, for example, Reicke “The honor is for you who believe.” Many translations, however, understand it as the Good News Translation, thus preserving the metaphor.
This stone is of great value for you that believe may be rendered as “this stone is of great benefit for you that believe” or “you that trust in the Lord will derive great benefit from this stone.”
The quotation from Psalm 118.22 is now applied to those who do not believe (for believe, see 2.6; for further exegetical help on this quotation, see discussion on 2.4). Rejected, when used of things, means “declare as useless” (AG; compare Die Bibel im heutigen Deutsch “discarded”; Biblia Dios Habla Hoy “laid aside”). The most important stone is literally “the head of the corner” (see Revised Standard Version), referring to the chief cornerstone (compare Biblia Dios Habla Hoy “the main stone”).
It is not very easy to see how this verse can be applied negatively to those who do not believe, unless it is connected directly with the quotation in verse 8, together with the explanation in the last part of the verse, namely, that the unbelievers stumbled because they did not believe in the word. Some translations have tried to ease this difficulty by making verse 7 and verse 8 into one sentence, for example, New English Bible “the stone … has become not only the cornerstone, but also a stone to trip over, a rock to stumble against”; Barclay “The very stone … has become the cornerstone, and he becomes ‘A stone over which men will stumble, and a rock which will trip them up.’ ” (See also Phillips, Knox.)
Quoted with permission from Arichea, Daniel C. and Nida, Eugene A. A Handbook on The First Letter from Peter. (UBS Handbook Series). New York: UBS, 1980. For this and other handbooks for translators see here .