Very interesting discussion and I don't have the answers either. I haven't heard of the theories on it, but like Panda I know what I believe.
Jesus died to pay the price for my sin and it is paid in full. In order to receive that offer, I accept Jesus into my life and we make a covenant that I will follow Him. That means He gets all I am and I get all He is. I love that bit because He's way, way, way, way, way (to infinity) more than I am and could ever be and I have access to it all.
Therefore, God is always in a good mood with me, because there is no point in time when Jesus hasn't paid for me. However, when I sin I allow a barrier to come between me and God that I have placed there and this adversely affects our relationship. Therefore, I need to ask for forgiveness to remove the barrier.
I know that God still gets angry and have seen Him show His power to someone when they were thinking of trying to hurt me, but then I'm not sure that I would term it God's wrath, though the temptation is to do that. Hmm! That's not very clear, and I need to think about it a bit more.
I wonder too at times where my idea of what, "sin" is and God's idea, differ. I think of the passage where Jesus as a youth stayed behind in Jerusalem talking with the leaders in the synagogue whilst his earthly parents were frantically looking for Him, yet He never sinned.