I often run into a notion that theology and Biblical studies are/should be synonymous. This is a rather alarming notion. If I believed it I would likely go find a school more focused on Biblical studies to study at. I think both are distinct and both are necessary.
In Biblical Studies the only starting place has to be the Scriptures. While I love the Scriptures, they are far too narrow a place for us to do all theology from. Hence I would consider Biblical studies a narrow subset of theology. Theology has much broader starting points.
Just to clarify I am interested primarily in Christian theology, and because of that Biblical studies will always play a strong role in my work of theology. But it isn't the only starting point. More it is one conversation amongst many that are important.
So does this mean I value scripture less? I think that is probably a valid criticism. But my committment to the Bible doesn't come out of my theological studies, it comes out of my passion to know the God of the Bible more. So there is a devotional committment to scripture that is part of who I am - and this does influence my theology.
Theology engages Scripture, history, tradition, dogma, hagiography, philosophy, mysticism, spirituality, cosmology, social sciences, ethics, economics, science, etc. There are a few starting points - such as the notion that theology is essentially the convesation about God/Man relationship in light of these broad dialogue partners, but you can start from almost any of these and do theology - even Christian theology.
That is why I find theology so fascinating. The Bible is a wonderful expression of God to Christians. But it is not the only book God has given us. And it is not the only voice in the conversation of theology.