Preterist view sees this passage as a start to the sentence of judgment as we will see in the following chapters. The Lamb invokes an outburst of extreme worship and introduces a new song to God’s praise and worth for our redemption. His old song refers to creation. The prayers refer to Christians pleading with God for relief in their persecutions, and their deliverance is made by destroying Jerusalem (I do not see how that spells r-e-l-i-e-f, or helps us now or in the future). They see the kingdom of priests as being the priests of Israel in Exodus 19:5-6 and replaced by the Church in Hebrews 7-8. The new song is a response by the angels, counted in the millions, giving a doxology for God’s glory, for He is worthy. Then, the worship climaxes when the elders fall prostrate and say Amen.
Futurist view: sees this passage as the beginning of the end of the present age and the start of the new age and the coming of Christ. Prayer of the saints refers to “thy Kingdom be done” and the fulfillment of God’s will. The reign on earth is seen as the millennial Kingdom as the Christians will rule the earth with Christ. The worship of Christ by countless angels as in Psalm 19 and 68 indicates power/strength and is seen as His Second Coming. They see every knee as referring to angels and/or to animals, because they believe the Church will be “raptured” prior to this (even though there is no biblical support for this theory, no matter how personally appealing it is, or how hopeful I am for it!). It also ignores many other scriptures.
Idealist view: They see this passage as the fulfillment of Daniel 7:9-14, where the “Ancient of Days” is to have dominion. The incense means prayers, and the new song is the response of God to them. Also, it means the New Covenant of the God of our redemption. The reign on earth is seen as the royal priesthood of all believers. They see the worship of Christ by countless angels as mainly metaphoric because their scope of reason cannot contort enough to see that all of creation can do that, thus not taking into account the omnipotence and omnipresence of God. They do bring up a valid point that in the following passages, mankind is still cursing God and being judged. However, this vision is not limited to a time sequence or chronology. Since God lives outside of space and time, it is rather a prediction of what will eventually happen.
Historicist view: sees this passage as God being benevolent and merciful as our Redeemer and the universe rejoicing in profound adoration because of this. God’s providence depicts that Jesus is the only One who is worthy to save. The reign on earth is seen as the ascendancy of Christianity to the world in its influence and scope. Some argue that all earthy rulers will be Christians before the Second Coming, although this is a big stretch. Others say this is referring to the “a millennial” spiritual reign of Christians in our present time as we will no longer be slaves to sin.