How does this view fit into a literal reading of Genesis 1...? And if Genesis 1 is not to be read literally, then what is the reason why?By way of response, let me share a list of twelve different views of interpreting Genesis 1, each of which is--or has been--held by Christians who accept the doctrines of the inspiration, authority, and inerrancy of Scripture. These were compiled by Professor Robert Bowman (of BIOLA University); for brevity's sake, I'll just list them here with only minimal comment.
Of the twelve views, fully eight of them are considered "literal" interpretations (and I'll argue in a later post that the other four deserve to be considered literal as well). Further, only two of the twelve result in the conclusion that the Earth is young (on the order of thousands or about ten thousand years).
Four views are considered (by Bowman) to take a "partial-creation" approach. These are the gap theory (popularized by C.I. Scofield), hesitation theory (William Lee Stokes), Edenic creation view (John Sailhamer), and intermittent days view (Robert C. Newman).
The two that take a "young-earth" approach are the plain-day view (Martin Luther, Henry Morris, and others) and relativity-day view (for which Derek Humphreys is the most well-known proponent).
Two theories that take a "long-day" approach are the millenial-day view (apparently held by Justin Martyr and Irenaeus, among others) and day-age view (Gleason Archer and Hugh Ross, among others).
Four views that (according to Bowman) take a "non-literal" approach are the revelation days view (Bernard Ramm), figurative day interpretation (Augustine and Origen), framework hypothesis (Charles Hummel, Meredith Kline, and others), and the cosmogonic view (Karl Barth, Claus Westermann).
The take-home point (for now) is simply this... although the very well-funded and vocal proponents of the plain-day young-earth view have insisted (for the last fifty years) that theirs is the only "literal" and "orthodox" interpretation of Genesis 1, there is nothing like consensus about this among serious, believing theologians and Bible scholars.