In this session of the Emmaus Project Podcast, Caleb, Ty, Jeff and Chris Burch talk about common objections to dispensationalism.
The major difference between dispensationalism and Covenant or federal theology is Israel does not replace the church. I think that there is good reason to assume that the ethic Israel is not the same as the Church. It is this that makes me dispensational.

First, we look at the covenants that God made with Israel. We can and should expect them to be fulfilled literally and ethically.
Second, the NT makes clear distinction of the two groups. For example, Israel exists side by side with the Church. The major passage is Romans 11.

I do see some issues with dispensationalism:

1. We can easily loose the overall theme of the scriptures.
2. The need to distance ourselves from some dispensationalists.