Due to my time spent within the Hyperpreteristi Movement (see link), I like other hyperpreterists used to quote Matt 16:27 as a key proof-text for hyperpreterism. The contention is, that Jesus was coming soon/shortly/quickly/about to (see link) & when He did, Mt 16:27 would be fulfilled. And hyperpreterists claim that Mt 16:27 is THE judgment. This is also the reason many hyperpreterists fall into universalism (all saved) because if THE judgment happened in the 1st-century, then who can still be judged?
I would like to take a very practical & direct approach with Mt 16:27.
#1. What does the text say?
#2. What is the context?
#3. How has historic Christianity as a whole interpreted it?
#4. What are the supporting/conflicting verses for it?
#1
For the Son of Man will come in the glory of His Father with His angels, and then He will reward each according to his works. (Mt 16:27 NKJV)
#2
Mt 16 starts with the Pharisees & Sadducees testing Jesus, asking Him for a sign...a sign for what??? Hyperpreterists often claim that they were looking for a sign of the "end times" but rather what was it that the Jews really wanted to know? If Jesus was really the Messiah. Jesus goes on to question the disciples about who men think He is, & who they think He is (see the context was that the Jews wanted a sign to show/prove who Jesus is). Jesus then talks about His own death & resurrection & how He was going to suffer many things at the hands of "elders, chief priests, & scribes". (v21). Then Jesus makes reference that whoever follows Him will also suffer but even in losing their life (at the hands of persecutors) they will gain life. Then we come to verse 27 at issue. Let us now ask, in context who was going to cause Jesus to suffer? His disciples to suffer? & who was going to be repaid? On the heels of this verse we have verse 28 about some standing there would not taste death until they saw Jesus come into His kingdom. The entire context is about His vindication -- not about some future end of the planet. This is how hyperpreterism gets people -- since we have all been languishing under 30-40 years of Dispensational/Left-Behind interpretation, when hyperpreterism comes along, it looks "logical". But perhaps a better interpretation without reading so much into it is that Jesus is telling His disciples that persecutors not only in this age but all ages will get their repayment as will the Christians get their reward -- this seems to fit best since Jesus is talking about the general strife Christians have when following Him. Now let's see how historic Christianity has handled this verse.
#3
The JFB commentary mainly in verse 28 but some in verse 27 comports with what I said in point #2.
The Lightfoot commentary sees this repayment more as working through the apostles as the apostles carry out judgment -- this is consistent with the context of Jesus telling the apostles that they would have this power to judge & forgive.
Calvin's commentary fits best with what I said in point #2:
"When a reward is promised to good works, their merit is not contrasted with the justification which is freely bestowed on us through faith; nor is it pointed out as the cause of our salvation, but is only held out to excite believers to aim at doing what is right, by assuring them that their labor will not be lost." -- (Calvin)
As you see, Calvin doesn't see Mt 16:27 as expressly talking about salvific reward & condemnation punishment at THE judgment but rather Mt 16:27 is more like a reminder, "One day, them people will get theirs".
Now, granted SOME commentaries DO consider Mt 16:27 as speaking completely of THE Judgment -- but my point is, when hyperpreterists try to claim that Mt 16:27 is speaking only of the "endtimes" & thus the "endtimes" MUST have been in the 1st-century, they seem to not realize historic Christianity has for the most part NOT claimed that Mt 16:27 is about THE Judgment.
#4
Well, we know that Jesus was constantly talking about the impending judgment on the Jews but more specifically let's look at the parable of the Wicked Vinedressers (hired farmers). Mt 21:33-46. Here we see Jesus talking about how the Jews were going to be punished not only for what they are going to do to the Son/Heir but also what they have been doing by closing up the kingdom to others. But what I want us to notice is WHO COMES TO JUDGE. It was NOT the Son/Heir but rather it was the Landowner/Father (see verses 40-41). It is WRONG for hyperpreterists (& even so-called "partial-preterists" or rather historic preterists) to claim Jesus came back in judgment in AD70. It was the Landowner/Father who took vengeance upon the Jews on the Son's behalf. When historic preterists say Jesus came back in AD70, but only in judgment they give hyperpreterism an opening because now hyperpreterists will say, "Ah-ha! so you have Jesus coming 3 times!!! That is as 'heretical' as we are!!!". The only "coming" of Jesus in the first-century was His "coming on/in/with the clouds" in vindication & glorification before the Throne of God.
Further, 2 Thes 1:7 & Rev 1:7 talk about this vindication, not only of Jesus but of those who took up their cross & followed Him.
As for conflicting verses that hyperpreterists might use to claim Mt 16:27 is only about THE judgment & thus it must mean THE judgment is past -- I don't know how they can claim it, though they may try to use:
Revelation 11:18
The nations were angry, and Your wrath has come, And the time of the dead, that they should be judged, And that You should reward Your servants the prophets and the saints, And those who fear Your name, small and great, And should destroy those who destroy the earth.”
&....
Revelation 20:12
And I saw the dead, small and great, standing before God, and books were opened. And another book was opened, which is the Book of Life. And the dead were judged according to their works, by the things which were written in the books.
But again, These verses AREN'T the same Judgment as Mt 16:27. Mt 16:27 is more general & speaking in context & reassuring the disciples that it will all work out & justice will be served, if not here in this life, certainly in the hereafter.