Whether you are replacement (i.e. Amillenial, Covenant, Reformed) or premillenial/dispensational in your eschatology (theology of last things) - you should read this summation of Dispensationalism by Vlach. Here are some excerpts:
Dispensationalism has undergone significant developments throughout the years but Dispensationalism has a core set of beliefs that have remained stable, namely: (1) historical-grammatical hermeneutics should be applied to all aspects of Scripture including both testaments; (2) the NT does not reinterpret the OT; (3) OT promises and covenants that have not been fulfilled yet must be literally fulfilled in the future; and (4) there will be both a salvation and restoration of the nation Israel in the future.(HT: Todd Bolen)
The strength of Dispensationalism is found in its hermeneutic of a historical-grammatical approach to all Scripture including the OT, and its rejection of NT reinterpretation of the OT.
Another strength of Dispensationalism is found in its holistic understanding of the Abrahamic, Davidic, and New covenants and how these intertwine with each other. It is better to base one’s theology on covenants explicitly discussed in the Bible than covenants that are not clearly seen or emphasized in Scripture.