*trivia* From what I recall from my days as a Christian (both pentecostal and episcopalian), Catholics believe in a "literal" transformation (that is, they don't believe it ACTUALLY becomes flesh and blood, because obviously it doesn't, but they believe it happens on a ... I hate to use this word, metaphysical level), Lutherans believe it is simply a spiritual transformation, and Episcopalians are somewhere in between.
Considering how hung up the Jesus of the Bible got on saying that people should eat his flesh and drink his blood (including when some disciples left over that), the evangelical blabbering about how it's symbolic actually doesn't line up with the mythology.
Then again, Evangelicals try to take all the fun parts of the mythology out anyways because they don't want to seem like those dirty witchcraft-using Catholics.