Why are wives considered the "weaker partner"? (1 Peter 3:7) In 1 Peter, we read:


  1 Peter 3:7 (NIV)
  Husbands, in the same way be considerate as you live with your wives, and treat them with respect as the weaker partner and as heirs with you of the gracious gift of life, so that nothing will hinder your prayers.


What exactly does "the weaker partner" mean?  Does the Bible state what ways are they weaker?  How do Protestants interpret this verse?

Also, does this still hold true today?
I do not think the NIV does the original Greek justice in this case. The English Standard Version (a respected relatively new essentially literal translation) renders the verse this way:


  7 Likewise, husbands, live with your wives in an understanding way,
  showing honor to the woman as the weaker vessel, since they are heirs
  with you of the grace of life, so that your prayers may not be
  hindered.
  1 Peter 3:7


In Calvin's commentary on this verse his translation supports this choice in translation as well. A few other resources I checked seem to align with this as well.

That being said, the word weaker is still there. So what does this mean? Commentators seem to agree that in this passage that the use of the word weaker was used to prompt the husband to act in a gentle and gracious manner.

Calvin:


  Moreover, he employs a twofold argument, in order to persuade husbands
  to treat their wives honourably and kindly. The first is derived from
  the weakness of the sex; the other, from the honour with which God
  favours them. These things seem indeed to be in a manner
  contrary,—that honour ought to be given to wives, because they are
  weak, and because they excel; but these things well agree together
  where love exists.


Commentary Critical and Explanatory on the Whole Bible:


  Both husband and wife are vessels in God’s hand, and of God’s making,
  to fulfil His gracious purposes. Both weak, the woman the weaker. The
  sense of his own weakness, and that she, like himself, is God’s vessel
  and fabric, ought to lead him to act with tender and wise
  consideration towards her who is the weaker fabric


Matthew Henry's Concise Commentary:


  Christians ought to do their duty to one another, from a willing mind,
  and in obedience to the command of God. Wives should be subject to
  their husbands, not from dread and amazement, but from desire to do
  well, and please God. The husband’s duty to the wife implies giving
  due respect unto her, and maintaining her authority, protecting her,
  and placing trust in her. They are heirs together of all the blessings
  of this life and that which is to come, and should live peaceably one
  with another. Prayer sweetens their converse.


The argument that "weaker vessel" implies care and gentleness carries a lot of weight in my opinion. If you have a fragile, beautiful vase are you going to knock it around and treat it roughly? Not if you care about it. Taking a good literal translation into account and viewing this as an illustrative analogy will help a lot in interpreting this verse.