Whichever view of 1 Peter 4:7 you prefer, it is nonetheless clear that Peter’s motivation is to ground the need for the powerless churches of Asia Minor to live properly. As Peter’s theology for the powerless is worked out here, it is a theology that resonates with an eschatology. Some today are embarrassed by the eschatological systems that are behind the Left Behind series, and consequently are throwing eschatology itself overboard. Such is unwise, for the story of the earliest Christians is an eschatological story. In light of a final judgment, they are (Peter says) to:

Therefore be serious and discipline yourselves for the sake of your prayers. 8 Above all, maintain constant love for one another, for love covers a multitude of sins. 9 Be hospitable to one another without complaining. 10 Like good stewards of the manifold grace of God, serve one another with whatever gift each of you has received. 11 Whoever speaks must do so as one speaking the very words of God; whoever serves must do so with the strength that God supplies, so that God may be glorified in all things through Jesus Christ. To him belong the glory and the power forever and ever. Amen.

Prayers are a concern for Peter (cf. 3:7).
Love is the most important thing, and this a love for one another — which is the Jesus Creed as expressed for the ecclesial community.
Hospitality is necessary because of suffering and flight and traveling ministries.
Use your gifts for the good of the other.
Even if Peter did think the End was around the corner, you won’t find Peter peaking around the corner or sneaking around the corner. His face is clearly on the earth and living now in such a way that the community will see the presence of the gospel in the ecclesial community of faith.