I recently worked on a project on 2 Peter and Jude (more on that later), and I read a stack of commentaries from cover to cover (actually, I read a lineup of commentaries in Logos Bible Software from top to bottom). These two served me best:
1. Doug Moo
Douglas J. Moo. 2 Peter, Jude. 
NIV Application Commentary. Grand Rapids: Zondervan, 1996. 316 pp.
Just outstanding. The NIVAC volumes have three categories in each section: original meaning, building contexts, and contemporary significance. Moo’s exegetical work in the first category is judicious as we’d expect, but what pleasantly surprised me is how edifying the other two categories are. The “contemporary significance” categories at the end of each section are so wise.
Moo condensed his exegetical work for two other formats:
- “2 Peter” and “Jude.” Pages 152–74, 228–43 in Romans to Philemon. Edited by Clinton E. Arnold. Zondervan Illustrated Bible Backgrounds Commentary: New Testament 4. Grand Rapids: Zondervan, 2002.
- “The Second Letter of Peter” and “The Letter of Jude.” In New Living Translation Study Bible. Edited by Sean A. Harrison. Carol Stream, IL: Tyndale House, 2008.
Related:
- Moo on mirror reading (reflecting on 2 Peter 2:10b–12)
- Moo on Romans (17 books and articles)
- Moo on theological humility (Moo illustrates this in the above NIVAC volume when he reflects on 2 Pet 2:17–22 with reference to eternal security and perseverance [pp. 150–55]. So good!)
2. Tom Schreiner
Thomas R. Schreiner. 1, 2 Peter, Jude. New American Commentary 37. Nashville: Broadman & Holman, 2003. 400 pp.
The more traditional commentary format allows Schreiner’s exegesis to be fuller than Moo’s.
Schreiner condensed his exegetical work for another format:
Douglas A. Oss and Thomas R. Schreiner. “2 Peter” and “Jude.” Pages 2415–23, 2447–52 in The ESV Study Bible. Edited by Wayne Grudem. Wheaton: Crossway Bibles, 2008.
Related: Interpreting the Pauline Epistles
Honorable Mention: Don Carson
D. A. Carson. “2 Peter” and “Jude.” Pages 1047–61, 1069–79 in Commentary on the New Testament Use of the Old Testament. Edited by G. K. Beale and D. A. Carson. Grand Rapids: Baker, 2007.
This isn’t a full-blown commentary. It focuses on how 2 Peter and Jude use the OT.
Related: See “Commentaries on 2 Peter/Jude” on John Dyer’s excellent website www.bestcommentaries.com.
Thanks, Andy. I wouldn’t otherwise have given a second look at a volume titled “NIV Application Commentary.” Now in my cart.