SBC Today posts a great summary of Dr. David Allen's presentation and The 2013 John 3:16 Conference. Of Ephesians 2:1-10, Allen says,
“Part of what is driving the ‘regeneration precedes faith’ issue is a flawed anthropology drawn partly from Ephesians 2. With respect to Ephesians 2:1-10, when Paul speaks of the unregenerate as being ‘dead in sins’ there is no question that ‘dead’ is being used metaphorically. In Scripture, ‘death’ is often used metaphorically to express alienation from God and ‘life’ is used to express union with God via salvation (See Aquinas and O’Brien in Ephesians, [Pillar Commentary]). This death is ‘on account of’ or ‘with respect to’ our sins (notice the nouns are in the dative and there is no preposition in the Greek text). Many Calvinists suggest that this passage either 1) overtly teaches human inability (usually moral inability) in the sense of ‘one cannot because they will not,’ affirming the Edwardsian distinction between natural and moral inability of sinners to respond to the gospel; or 2) implies human inability to respond to the gospel (John Eadie, Ephesians, 121, argued that ‘dead’ implies inability.). There are other biblical figures of speech used to connote depravity which do not indicate or imply total inability. Calvinists assume their definition of spiritual death is correct and then superimpose it on the word ‘dead’ in Ephesians 2. Notice in the broader context the separation motif in Ephesians (2:12, 13, 19, 4:18). Notice also the parallel passage in Colossians 2:12-13, where Paul affirms that even though people are spiritually dead, they can still exercise faith in God.”
Allen always comes through in disassembling Calvinistic propositions since he bases his conclusions not on theological interpretation of Scripture but on exegetical analysis of Scripture. For him, while regeneration does not precede faith, exegesis does precede theology.