This is link to a new publishing company, Dispensational Publishing House, article giving a brief overview of the importance of dispensational theology.
Much confusion occurs with the interpretation of Biblical prophecy due to a failure (or refusal) to distinguish between Israel and the church, and thereby denying any future to national Israel and equating the historical throne of David with God’s heavenly throne. The former rule (the throne of David) could be called the single, unified, mediatorial kingdom that existed historically under the Mosaic Covenant and was prophesied by the Old Testament prophets to be restored in its former glory at the second coming of Jesus Christ. The latter rule (God’s heavenly throne), which is eternal, would be understood as involving aspects of God’s universal and spiritual kingdoms.
You can read the rest here.
More on dispensationalism here.