Jim, when you say the Church, in what way, please? Cos the church only existed after Christ's death and resurrection, didn't it? So it *was* for a future time...
To discuss, please, cos Sermon on the Mount is just *awesome*, so this thread warrants waaaay more talky 
well, in one manny of looking at it, the church has always existed.
To explain, the word Church comes from the greek Kirke which means "Of the Lord".
The word Church is mostly used in scripture to translate the greek word "ecclesia" which means something like "the called out assembly".
The idea is that the Church is a congregation, or an assembly of people who are called out of the world, and belong to God.
There was a congregation of God in the OT and it was the nation of Israel. The Christians have always recognized themselves to be the continuation of the nation of Israel as God's called out congregation.
This idea eventually lead to a doctrine in the church called "replacement" theolgy in which it was taught that since the Church was the continuation of Israel as God's congregation, that the Church had completely "replaced" Israel, and thus Israel no longer was of any importance and had no special place anymore. All of God's promises to Israel, now applied to the Church etc.
Dispensationalism started as a reaction against replacement theology. Dispensationalism teaches instead that the Jews are still God's chosen people and that the Church and Israel are seperate congregations. Right now is the "church age" when God deals with the gentile Church. When the church age ends (at the rapture of the churc, prior to the tribulation) then God will start working with the Jews again, etc.
There are some points on which I agree with dispensationalism, however, it has gone significantly over board, in my opinion, on several points.
First off, I don't see any real evidence scripturally for the idea of different dispensations. Dispensation could also be translated as "economy". It refers to how God deals with mankind, or how he relates to mankind.
There are multiple different COVENANTS in scripture in which God makes different promises and conditions with different groups of people. However, the way in which he has related to and dealt with mankind has not changed from the fall of man.
Secondly, dispensationalism creates a seperation between Jew and Gentile, and goes so far as to actually envision two different gospels, one for each group.
This is patantly anti-scriptural.
The bible tells us that Jesus Christ died to break down the seperation between Jew and Gentile and to make of the two, one new man. There is only one Gospel, and one Kingdom.
Replacement theology is wrong in the view that Israel no longer matters and they are no longer special to God. I personally think that Paul was clear that Israel will be restored at the end. For the present time, Israel is veiled, their eyes are covered so that they will not see. Paul tells us that God is using Israel's lack of faith to save the gentiles, BUT he is also using the faith of the gentiles to make Israel jealous.
The point with Israel, though is that God is faithful, despite their unfaithfulness. God will fulfill his promises to their fathers, even though they did not live up to their end of the bargain.
I think our passions drown out our compassion at times.
