In my upcoming ordination exam I am supposed to be able to distinguish between the Roman Catholic view, the Lutheran view, the Reformed view, and the Zwinglian view. Here's how I would put the distinction. If you're knowledgable on this issue and you're coming from one of these views would you please review my work and correct me where I'm wrong?
The Roman Catholic view sees the supper as a propitiatory sacrifice wherein the one sacrifice of Christ on the cross is re-presented and reapplied to those who partake. The offering of the eucharist is efficacious to atone for venial sins committed between celebrations. The substance of the elements is transformed to become the true body and true blood of Christ and the host remains God even after the ceremony. The sacrament works ex opere operato and is not dependent upon the piety of the priest nor upon the faith of the partaker.
The Lutheran view is that Christ is truly present in with and under the elements. The Lutheran view does not say that the substance of the bread and wine are transformed, but does affirm that Christ is physically present in the elements. The Lutheran view says that the body of Christ and his human nature is omnipresent just like his divinity is omnipresent. The Lutherans reject the idea of the sacrifice of the mass. They likewise reject that the “host” maintains any special significance after the event.
The Reformed view also rejects the supper as a sacrifice and views it rather as a post-sacrificial feast. The one sacrifice has already occurred and now, in the supper, we celebrate the feast. Whereas in the Catholic view the bread is the very body of Christ, in the Reformed view the bread is the very bread of heaven that we will enjoy in the marriage supper of the lamb. Christ is spiritually present in the elements and is truly received by faith. The elements retain no special significance after the event.
The Zwinglian view rejects both the supper as a sacrifice and rejects any special presence of Christ. In this view the supper is purely a memorial - something that we do to remember Jesus’ death for our sins. Jesus is not in any way specially present in the event and the event is not a means of grace.