I think the jury is still out on masturbation. But I think we need to clear the decks a bit by admitting that most of what the church has said to date is utter rubbish.
The word "wanker" or its local equivalent is an insult in most parts of the world. This seems to indicate general agreement that there's something wrong with the practice. From a Darwinian point of view this is not surprising perhaps. Satisfying the mating urge without reproducing is likely on average to reduce your probability of having descendents.
But today most men are voting with their hands (as opposed to feet... groan) according to Kinsey anyway, and there's a suspicion that the same applies to women. Whether this is new or whether it's just that we're more prepared to talk about it will probably never be known for sure, unless someone invents a time machine. Research is also hindered because it is a very normal human thing to want privacy in sexual matters. Most men are impotent in public, otherwise nudism wouldn't work.
This is not just a problem for the church, it exposes a doublethink in society as a whole which I think we need to resolve. I think the church should stop being part of the problem and start being part of the solution.
The practical problems for the male at least revolve around fantasy I think. Jesus says "whoever looks on a woman in lust has already committed adultery with her in his heart". The french have a glorious saying "L'intention, c'est le fait" which has been translated by experts as "The intention makes the deed". The transalation doesn't do it justice (they rarely do), "fait" can also mean "fact" which adds a very telling nuance for a start.
Obviously this is related to the questions of pornography and censorship. I think another key issue is what the bible means when it talks about "pornaias", sometimes translated as "sexual immorality" or (badly) transliterated "fornication". It seems to me that Paul would have included masturbation in his understanding of this, and some would include foreplay. Many today regard intercourse using contraceptives as "pornaias".
I think the sexuality of God is the most pressing topic of theology. We are made in God's image. What part of God's nature is reflected in human sexuality, and what are the ways of properly realising this potential?
Or in other words, if pornaias simply means sexual sin, what does that mean in practice in our society?
I don't think there's any chance of getting human sexuality right without answering these questions. I suspect that they need to be answered in the order I asked them above. Go to it, theologians.
As I said, the jury is still out on masturbation. I think that step one is to clear away the rubbish, and I hope this helps.

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