Mahasi Sayadaw
Mahasi Sayadaw, one of the most influential 20th century Theravada "vipassana" teachers, states in his "On the nature of Nibbana" that "nibbana is perfect peace ("santi")" and "the complete annihilation of the three cycles of defilement, action, and result of action, which all go to create mind and matter, volitional activities, etc." He further states that for arahants "no new life is formed after his decease-consciousness." Mahasi Sayadaw further states that nibbana is the cessation of the five aggregates which is like "a flame being extinguished". However this doesn't mean that "an arahant as an individual has disappeared" because there is no such thing as an "individual" in an ultimate sense, even though we use this term conventionally. Ultimate however, "there is only a succession of mental and physical phenomena arising and dissolving." For this reason, Mahasi Sayadaw holds that although for an arahant "cessation means the extinction of the successive rise and fall of the aggregates" this is not the view of annihilation ("uccheda-diṭṭhi") since there is ultimately no individual to be annihilated. Mahasi further notes that "feeling ["vedana"] ceases with the parinibbāna of the Arahant" and also that "the cessation of senses is nibbāna" (citing the "Pañcattaya Sutta"). Mahasi also affirms that even though nibbana is the "cessation of mind, matter, and mental formations" and even the cessation of "formless consciousness", it is not nothing, but it is an "absolute reality" and he also affirms that "the peace of nibbana is real."