I would like to posit a very different view that I hope will one day pervade the Christian church.
Isaiah 2:1-4 (KJV)
1 The word that Isaiah the son of Amoz saw concerning Judah and Jerusalem.
2 And it shall come to pass in the last days, that the mountain of the LORD'S house shall be established in the top of the mountains, and shall be exalted above the hills; and all nations shall flow unto it.
3 And many people shall go and say, Come ye, and let us go up to the mountain of the LORD, to the house of the God of Jacob; and he will teach us of his ways, and we will walk in his paths: for out of Zion shall go forth the law, and the word of the LORD from Jerusalem.
4 And he shall judge among the nations, and shall rebuke many people: and they shall beat their swords into plowshares, and their spears into pruninghooks: nation shall not lift up sword against nation, neither shall they learn war any more.
This passage is describing earth at the end of the ages, as seen in a vision by the prophet Isaiah. The nations will be judged and there will no longer be any war. God's temple will be established on Mount Zion and many people will suggest going up to the mountain, to the temple of Israel, to be taught God's ways, so that they would walk in His paths. For surely, the Torah of the Lord goes forth from Jerusalem. Any attempt at suggesting this passage should be taken in an allegorical way defies the plain meaning of the text. There is no reason to believe that it means anything except what it flat out says. This passage and so many others in the Bible reflect the same understanding, that Israel will always be God's chosen people. The church has not replaced Israel.
Paul also confirms this in Romans.
Romans 11:1 (KJV)
1 I say then, Hath God cast away his people? God forbid. For I also am an Israelite, of the seed of Abraham, of the tribe of Benjamin.
He also wrote:
Romans 9:6 (KJV)
6 Not as though the word of God hath taken none effect. For they are not all Israel, which are of Israel:
Paul was saying that Israel can really mean two separate entities. The first is that Israel exists as a nation or an ethnicity. However, Paul went on to say that not all Israel (the national or ethnic identity) is Israel (another Israel?).
Romans 11:17 (KJV)
17 And if some of the branches be broken off, and thou, being a wild olive tree, wert graffed in among them, and with them partakest of the root and fatness of the olive tree;
Paul spoke here about Gentiles being grafted into Israel. He can't be speaking about national or ethnic Israel because when we are born again, we don't become Jewish first. We stay as Gentiles. Yet, we are grafted into Israel. What Israel? This Israel consists of the believers. Consequently, the Dispensationalists keep Israel and the church as separate groups. Paul's definition of the Israel contradicts this. The believing remnant of Israel and the Gentiles that have been grafted in comprise Paul's second definition of Israel. Basically, if you are a believer in Yeshua, you are a part of Israel.
It is my hope that in time, we will understand that there is only one group of believers and they are called Israel. This is not to say that Israel as a nation or as an ethnicity doesn't have a place in God's plans, but the sharp divide between Israel and the church is equally misguided.