"J.V. Fesko's 'Word, Water, and Spirit' is a major work that both models how to do theology by moving from historical theology to biblical and systematic theology and, most importantly, presents fresh insights for a Reformed understanding of baptism. Fesko's fair-minded, page-turning history of the doctrine of baptism is itself worth the price of the book. Most enlightening, however, is his biblical-theological survey of baptism as new creation, covenant judgment, and eschatological judgment. The book's emphasis on God's judgment in baptism is particularly innovative and helpful. These insights pave the way for treating baptism systematically as a means of grace and as a sacrament in relation to its recipients and ecclesiology. Highly recommended for all who wish to grapple seriously with the doctrine of baptism and its implications."
You can order Fesko's book here.