This gives the Reformed and Catholics their ecclesiology and sacramental theology. If Jesus is gone in heaven, then you need a Pope to be Jesus while he's gone (Aquinas says that the Pope literally occupies Christ's office while he is in heaven). Also, you need a Priest with a special character to make the miracle of the mass happen- that is, to call him down from heaven. Once you go Reformed though, Jenson observes, you get the rid of the Priesthood and the Papacy. How is Jesus supposed to come down? Answer: He doesn't.
For Lutherans things are different though. Jesus is present in, under, and with the Word. He is so because possessing the fullness of divine glory he is ruling as God and Man at all places at all times. Since his present, he can rule his Church through the power of his proclaimed Word (no need for the Pope). In the same manner, he is present in the words of promise in the Lord's Supper.