That is not the only two viewpoints...just the two extremes I think.
The third is in the middle. Jesus' death and ressurrection gives us forgiveness, then the work of the Holy Spirit keeps, protects, and guides us in living as Christ lives and how we are meant to.
Philippians 1:6 (Amplified Bible)
6And I am convinced and sure of this very thing, that He Who began a good work in you will continue until the day of Jesus Christ [right up to the time of His return], developing [that good work] and perfecting and bringing it to full completion in you.
Do you believe the blood of Christ already covers you for future sins? Are you responsible to be obedient or is that optional? Most do not claim the extreme view as you say...but they act on it nevertheless: that is, unless they are running the race of faith with determination.
We operate in one of the 2 views in my view. We may sashay between them, but we must ultimately follow one way or the other.
There is death and there is life.....a third possibility in between???...maybe in the process of 
????
This is a serious matter for us to consider. The enemy will try to frustrate the grace of God at every turn.
Some believe that the grace of God is "unmerited favour." But that is the definition of mercy. Grace is the divine influence and power we experience through resurrection life.
...
Good points and questions...it IS a serious matter, the most serious. I don't believe there is a third possibility.
Your first question...I am hesitant to say this but yes I do believe His blood covers even future sins. But are we responsible to be obedient? YES OF COURSE! I just think being able to be obedient requires the help and power of the Holy Spirit. On our own we would fail every time. But I think He knows the heart. If there is some kind of response of "want" to He provides the power to do so...
I personally don't understand the idea of "drawing back" (I'm not arguing that...) I just don't understand how anyone can "taste and see, His goodness" and then decide to turn back...
None who truly run the race ever will understand how someone could turn back. However there are those who in the heat of the moment or while things are going well will come to Christ and will start their walk, but the minute things get tough the price is too high, and they lose their faith, or simply compromise, and then turn back....... Very similar to a child who sees a runner doing the 800m and making it look easy and they want the glory and that gold medal that the runner has, and so they start running at school and they enjoy running, but as it gets more serious and they have to run longer and longer and they have to run through being uncomfortable, and have to watch what they eat to keep their body in good shape while their friends are eating what they like etc, two children who started running at the same time could have very different outcomes - one may be determined and find the reward greater than the sacrifice, while the other will find the sacrifice too great and will give up. So with Salvation. Many start the race, but find that though God is good, and they have tasted His goodness, the sacrifices that are necessary to follow Christ become too great and many will leave the way looking for an easier life.....
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