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Though it does not affect soteriology or other disciplines necessarily (depending on an individual's view), it can. The problem with the Dispensational end times view, particularly their interpretation of Revelation is that it comes out of how they are viewing all the OT prophecy as pertaining only to national Israel. And no matter how much they claim it is not two redemptions and two modes of redemption, one for Israel and another for the church, it is two. The church is removed from planet earth while an intense tribulation takes place for seven years, which purifies ethnic/national Israel, Jesus returns, and rules on earth in Jerusalem, (and in some sects, MacArthur included) the temple is rebuilt, the OT temple worship reinstated with its animal sacrifices, and all Israel is saved. This takes place over a thousand year period, and then and only then, are the church and Israel joined together.Dispensationalism, in my opinion, while it organizes the whole of Scripture, (minus certain passages it ignores, (snerk snerk!), for application to its eschatology), it is about eschatology, and not so much soteriology or the other disciplines. Covenant Theology I don't see that way at all, or, at most, if it can be said to be eschatological, it is only the final end to which it speaks. How we see it all unfolding just about runs the full spectrum of eschatological notions, yet all within Covenant Theology.
Because Covenant theology keeps a covenant relationship through covenant as the means of God bringing about redemption through Christ, it sees, to put it in simple terms, a continuation of the old and new covenant, rather than the sharp divide that is made in d'ism. It sees Israel as God's people, and as a type, for his purposes, of God's people from all nations. The first is temporary until the real comes which is Christ. The first did not solve the problem of sin. Christ solved forever the problem of sin and conquered his enemies and or enemies. The focus is different between the two interpretive means.