Matt Waymeyer links an article on dispensationalism:
For those of you dispensationalists out there who are wrestling with the question of the relationship between the church and the New Covenant, here is an excellent online resource. The article is “Dispensationalism, the Church, and the New Covenant” by R. Bruce Compton, and it was published in the fall of 2003 issue of Detroit Baptist Seminary Journal. Compton concludes that the church presently participates in the soteriological blessings of the New Covenant, but the covenant will be fulfilled in a future restoration of the ethnic nation of Israel at the second coming of Christ. Regardless of where you land on this issue, or whether or not you end up agreeing with Compton’s conclusions, you will find his discussion of the subject and his exegesis of the relevant passages to be very helpful. Definitely a must-read on this issue.