I think it's good enough to realize:
- Our eternal security is assured.
- The Lord expects us to be faithful as believers.
- There will be varying rewards based on faithfulness.
- You will experience a loss if you squander the chance to use your life to gain kingdom value.
The rest is details.
I think many of Lee's dire threats, in particular being "touched by the second death" and that kind of thing, are misled and damaging.
First, the second death is reserved for unbelief. It is not the portion of believers. It refers to final, spiritual death. There is no reason to think that believers will be subject to such a thing. How could spiritual death be a proper discipline for those who are destined for eternal life?
Second, the reference to the second death is given to the church in Smyrna, the suffering, martyred church. Think about the context. In the midst of their suffering, the Lord is reassuring them that even though they may die physically, they will not die eternally. It doesn't make sense that the Lord would threaten a church which was dying for him with the possibility of experiencing the eternal death.
I think our reward will be the realization that we participated in eternal things in a positive way. It is something you cannot be given. You have to gain it for yourself.
It's like being on a sports team for the entire season. You work, you sacrifice, you give all for the team. When you finally win the championship, no one can give you the feeling of knowing that you had part in producing the champion. Someone may have joined the team in the last game and helped a little, and he can hoist the trophy, too. But he cannot have the same feeling that those who went through the entire season have. That's what I think the reward is, at least in part.
Those who missed that chance will never be able to experience that feeling. They will experience other blessings, but not that one.