The one exegetically accurate application that has not been seen from this passage is the one that more closely mirrors what this statement was initially meant to address in its historical context, as succinctly explained here.
"Behold, I am going to send you Elijah the prophet before the coming of the great and terrible day of the LORD. He will restore the heart-of-fathers upon descendants; that is, [raise] the heart of descendants to the height (i.e, level) of their fathers, so that I will not come and smite the land with a curse.”
This translation is corroborated by the Gabriel’s quoting of this passage for John the Baptist’s mission as Luke 1:17a should be accurately translated as: ‘...in order to return* hearts of fathers upon children...’ *[also an intransitive occurrence - contra Balz, EDNT 2:40]; that is, as priorly similarly stated in Luke 1:16 and also presented above: ‘restore the hearts of descendants to that of righteous forefathers/ancestors’ (= “turn many of the sons of Israel back to the Lord their God” Luke 1:16) which is understood as: ‘turning “the disobedient to the attitude/mindset/understanding/(practical) wisdom/insight of the righteous’ and all “so as to make ready a people prepared for the Lord” (Luke 1:17b)
As indicated in John the Baptist’s ministry (Luke 3:8-9) he was to fight against this false belief that he current generation of Israelites were still acting in accordance to their forefather(s). (cf. John 8:39-41)
 See e.g., this Endtime Newsletter article by SDA Theological Seminary professor Roy Gane entitled: “Elijah and the Third Angel”; this sermon entitled: “The Glory of Children - Identity Wars”; this 2011 3ABN “Pillars of Our Faith” sermon by Jay Rosario [46:33ff]; and the glibly presuming claim here [mp4] [23:36-24:20] by It Is Written’s John Bradshaw that this statement is to ‘also turn then reconciled nuclear families back to God’, -a limited and ‘two-step’ notion that the text does not actually begin to say nor imply, as it easily could/should have.
 Relatedly here, it is actually quite spiritually confirming to clearly hear, some ca. 15+ years later, that, as I had since back then highly suspected, as Kameron Devasher pointedly, rightly, decries in this 06-04-2010 sermon [37:13-40:10ff] there indeed is something, frankly, ‘retardingly dumbing down’, about the SDA’s official Collegiate Sabbath School Class designation which is supposed to be from age 18-35!! I.e., SDA young people are expected to be fed from that distinctly, also “retarded” Collegiate Quarterly which, (at least), in my day was (comparatively so), at best, nothing more than a collection of Bible verse-less, tangential and spiritually bland, ditsy and mundane anecdotes. Which is why I virtually long chucked it (i.e., didn’t actually read it anymore) in ca. 1994, around the age of 20 and was (also) (indignantly) requesting an Adult Sabbath School Quarterly from the Church’s front desk when it was time to get our new quarterlies (and I am glad that the secretary at the desk[see T.S. in page 323; cf. in p. 324, in this document (ca. 1990 photos)], for the first several quarters, conceded to provide me with one, though the quarterlies were limited, and that manifestly/may have eventually led to her asking the Church to order more adult quarterlies because just a few quarters later, she reassuringly informed me that ‘I didn’t have to worry about asking for it now’ I.e., my request, by now being expressedly supplied for, was fully legit.’ I am also glad that my Collegiate Sabbath School teacher then, the late Elder Duane Peterson[see in page 322 in this document (ca. 1990 photo)], though he would not openly do so, manifestly at him finding nothing worthwhile to teach from the Collegiate Quarterly would instead teach a somewhat slightly simplified/relational version of the Adult Quarterly’s Lesson. (Relatedly, on the other end, see this sermon by Jeffrey Rosario on the creating history of the “teenager” demography. -See similar observations by Francis Chan here [27:40-29:35ff], summarily commenting of the prior week’s (11-16-2008): “Raising Our Children” sermon [video] by Dave Phillips.).
Pertinently related here, it was Mr. Peterson, who worked at the local Miami Adventist Book Center store, who implying opened my understanding that there was something “exegetically” much deeper in Pastoring than the present English Text of Bible versions, as his gift to me as I was preparing to leave in 1997 for an SDA College to study for the ministry (see in the bio-history in this post), [while we were assembled at his house after Church for a (surprise) goodbye party for me and another girl who was also leaving for College that fall], was a Critical New Testament Greek-English (KJV) Interlinear Bible with copious Manuscript Textual variants, a succinct Greek Lexicon, and other linguistic analytical features. I was surprise at the “depth” of the gift, expecting the evidently wrapped-book-gift to be merely an English book, perhaps and EGW book or a devotional, but instead it was this Scholarly Greek NT. And my actual initial, not-so-innerly-contained reaction there was: ‘Come on...haven’t they figured all of this “Greek” thing out by now.’ Notwithstanding all loudly quite eye-openly said, to at least me and my uninitiated youthful and laymen’s understanding then, that all was not as it “simply” seem, and it indeed was not too long after that, and from then on, indeed way beyond what any of my professors either knowledgeable of, diligent to study, and/or merely comfortable with discussing, that I found out that, (as really merely introductorily, cursorily and samplingly seen throughout this blog), there indeed was much more than met the surface eye in the field of Scholarly [vs. Philosophical] Theological Studies.