To me, this slogan reflects the desire of (at least some) theological liberals to distance themselves from those horrible knuckle-dragging fundamentalists (yes, I'm being ironic!) who ignorantly insist that everything in the Bible is to be taken literally. What the slogan implies is that "we" are too intelligent to take such a simple- minded approach to Scripture. For example, "we" are above such childish notions as a literal six-day creation of the earth (I have my own doubts about six-day creationism, but not for theological reasons). "We" want to be taken seriously by the intellectually sophisticated--even if they don't share our (putative) faith. In effect, it is reflective of a yearning for social respectability.
The problem, though, is that the sort of mentality implied by this slogan can easily lead to a rejection of core Christian doctrines. For example, "we" are sophisticated enough to realize that when the Bible speaks of Jesus' resurrection, it doesn't mean He literally (physically) rose from the dead--it just means that His spirit lived on in some sense. It can even easily be used to reject Biblical teaching on a "hot button" issue like sexual morality. Thus, "we" "know" that when the Bible appears to condemn homosexual behavior, it really isn't condemning homosexuality, at least not all kinds of homosexuality, just homosexual activities outside of a committed relationship or involving pagan worship (I won't get into why such a position seems totally untenable to me).
In fact, when people put such an emphasis on not taking the Bible literally, too often it seems clear that they actually do not take it seriously, not seriously enough to give full weight to the actual evidence (textual, historical, etc.) that a particular passage of Scripture was meant to be taken literally. Instead, whenever they encounter a Biblical text that runs counter to their own cherished beliefs, they justify their rejection of that passage by appealing to their principle of non-literal interpretation. However, they are not even consistent in applying this principle. When it comes to Biblical texts pertaining to certain issues of social justice, like those passages condemning the oppression of the poor, they are quite ready to take them literally.
In short, I think that this slogan, clever as it sounds, is unworthy of being embraced by any orthodox believer. To take the Bible seriously, sometimes we do need to take it literally--as intellectually unsophisticated as they may seem. Yes, there are times when a careful consideration of the context will lead us to conclude that a particular Biblical passage was not meant to be taken literally, but must avoid the temptation of assuming automatically that this is so.
Image: Cover page of the King James Bible from wikipedia.org