Here is a comparison of dispensational versus historic or classical views as given by Bob and Gretchen Passantino:
Classic
God has always had but one spiritual people, represented by the remnant in every generation.
God's promises to Israel were conditional.
All earthly promises to Israel have been either fulfilled or invalidated through disobedience and unbelief.
Israel was a type of the church and was superseded by the church.
The church was prophesied in the Old Testament, in Old Testament language.
Christ was, and is, the only Hope of Israel. And Israelites (Jews) will be saved only if they accept him during this age.
The first advent of Christ completed Israel's redemption, and manifested the Israel of God (the church) referred to in Galatians 6:16.
Christ instituted a Jewish-Gentile church.
All unfulfilled spiritual promises to Israel are being fulfilled through the Christian church.
This does not represent a change in God's plans, but evidences progressive (continually
unfolding) revelation.
Dispensational
God has two bodies -- Israel and the church.
God's promises to Israel were unconditional, and therefore are still binding.
God's promises concerning the return to the land, rebuilding the temple, etc., were never fulfilled. They are therefore still future.
Although Israel was a type of the church, they will always remain separate.
Christ instituted the church as a "parenthesis."
Christ came the first time to establish an earthly millennial kingdom with Israel.
Israel rejected him, then God postponed this plan until the second advent.
Christ instituted a Gentile church.
Israel is God's earthly people, the church is God's heavenly people.
Israel's destiny is to remain on earth forever, the destiny of the church is to spend eternity in heaven.
source: http://answers.org/theology/dispensationalism.html
Classic
God has always had but one spiritual people, represented by the remnant in every generation.
God's promises to Israel were conditional.
All earthly promises to Israel have been either fulfilled or invalidated through disobedience and unbelief.
Israel was a type of the church and was superseded by the church.
The church was prophesied in the Old Testament, in Old Testament language.
Christ was, and is, the only Hope of Israel. And Israelites (Jews) will be saved only if they accept him during this age.
The first advent of Christ completed Israel's redemption, and manifested the Israel of God (the church) referred to in Galatians 6:16.
Christ instituted a Jewish-Gentile church.
All unfulfilled spiritual promises to Israel are being fulfilled through the Christian church.
This does not represent a change in God's plans, but evidences progressive (continually
unfolding) revelation.
Dispensational
God has two bodies -- Israel and the church.
God's promises to Israel were unconditional, and therefore are still binding.
God's promises concerning the return to the land, rebuilding the temple, etc., were never fulfilled. They are therefore still future.
Although Israel was a type of the church, they will always remain separate.
Christ instituted the church as a "parenthesis."
Christ came the first time to establish an earthly millennial kingdom with Israel.
Israel rejected him, then God postponed this plan until the second advent.
Christ instituted a Gentile church.
Israel is God's earthly people, the church is God's heavenly people.
Israel's destiny is to remain on earth forever, the destiny of the church is to spend eternity in heaven.
source: http://answers.org/theology/dispensationalism.html