I was rather surprised to find that Wallace did not seem to be at all concerned with the distinction between inerrancy in transmission and in the autographs. Rather, Wallace suggested that biblical inerrancy is not as important to evangelical Christianity as Ehrman had made it out to be.
Personally, I believe in inerrancy. However, I wouldn’t consider inerrancy to be a primary or essential doctrine for saving faith. It’s what I call a “protective shell” doctrine. Picture a concentric circle, with the essential doctrines of Christ and salvation at the core. A little bit further out are some other doctrines, until, finally, outside of everything is inerrancy (TCFTRJ p.76)
So when Ehrman asks "How does it help us to say that the Bible is the inerrant word of God if in fact we we don't have the words that God inerrantly inspired," (MJ p.7)Wallace's answer seems to be that Christians do not need that much help from inerrancy anyway.
In my earlier discussion, Dawn Treader had argued that corruption in transmission was not a big concern because, as he quoted Wallace, "The fact is that scholars across the theological spectrum say that in all the essentials - not in every particular, but in all essentials - our New Testament manuscripts go back to the originals." (TCFTRJ p.71-72) I thought this smacked of comparing apples and oranges. A liberal scholar who agrees that it is possible to get back to the originals in all essentials might be saying something very different than a conservative scholar simply because a liberal scholar who does not affirm the resurrection, the virgin birth or the divinity of Jesus would not consider very many things to be essential. However, it turns out that Wallace (who I assumed to be a conservative) did not consider very many things to be essential either.