1st Peter 2: 4-8 - Unto whom coming, as to a living stone, rejected indeed by men, but chosen and made honourable by God: [5] Be you also as living stones built up, a spiritual house, a holy priesthood, to offer up spiritual sacrifices, acceptable to God by Jesus Christ.
[6] Wherefore it is said in the scripture: Behold, I lay in Sion a chief corner stone, elect, precious. And he that shall believe in him, shall not be confounded. [7] To you therefore that believe, he is honour: but to them that believe not, the stone which the builders rejected, the same is made the head of the corner: [8]And a stone of stumbling, and a rock of scandal, to them who stumble at the word, neither do believe, whereunto also they are set.
Protestant Christian Understanding: Christ built his church not on any man, but upon Himself who is the "Rock" or foundation, upon whom we are being added as living stones, to build his Church - NOT an institution (Roman Catholic Church), but a community of believers who are all in fellowship because they believe the same thing in that the "Rock" was Peter's confession - that Christ is the Son of the Living God who died for our sins. Early Church Fathers, e.g. St. Chrysostom - "Upon this Rock", not upon Peter, for he built His Church not upon man, but upon the Faith of Peter.
Catholic Christian Understanding: It is clear in the Bible that Jesus is the "Chief Corner Stone" of the Church. However, that does not preclude that some men have a special role to play as priests, as the bible shows Christ intended. Example Ephesians 2:20 where Paul acknowledges that Jesus is the Corner Stone of this metaphoric temple and Church, but Christ himself said it is built on the foundation of the Apostles and Prophets. All prophets from the old testament that gave God's word like Isaiah and Jeremiah all played a special role in the Church. Everyone was not an Apostle, but they had a special role to play as the chosen 12 by God. So the idea that we are all priests and equal to Priests who are called to a lifetime service does not add up. Even honest Protestant and Catholic leaders alike agree that not just anyone could have sit down and wrote the scriptures and have Divine inspiration to do so. They were men, a select few, chosen by God to do a task so it was done correctly, according to God's Will. So the idea that we are all equal priests in the eyes of God, ignores the fact that God Himself selected a few, the apostles, to be called as higher Priests with special duties to lead the rest of us. Priests have a special foundational role or are special stones in God's kingdom to lead the rest.
Second Point: When it comes to the reference to St. John Chrysostom and his understanding of "Peter As Rock", I found a Protestant book that has opened up my eyes to many things. "Documents Illustrating Papal Authority" A.D 96 to 454 written by a Protestant historian, Edward Giles. Among many things, it shows the Church of Rome holding authority over churches in other countries. It proves that there was indeed a chain of command or lineage of the Popes since Peter. Giles lays out every passage up to 400 A.D. on how the churches saw the Bishop of Rome, the authority he held and how he was respected as final authority by all. By the middle of the 400's, Giles admits that the ultimate authority comes from the Bishop of Rome and the early Church Fathers, St. John Chrysostom, St. Augustine, St. Jerome, etc., all agree that when the Bishop of Rome spoke on important matters of Faith and morals, Christ was speaking through him and he had Divine inspiration. Giles really goes into the authority of Peter in his chapter 16 and how St. John Chrysostom over and over again acknowledges St. Peter and his papal authority.
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