Dispensational vs. Covenantal

Hey everybody,
I figure I'll give Tim a break from posting by giving some of my thoughts. It seems that there is a constant debate between dispensationals and covenantalists. The Kibbeys know this especially :-) I've always called myself a dispensational of sorts because I believe that there will be a millenium and that there is still a place for the physical nation of Israel. However, I widely differ from them in that I would never hold to a dispensation of works and of grace (or law and grace, whatever terms are used) and I am a firm five-point Calvinist, whereas many dispensationals are four-pointers. So I am not really a dispensational, I've just called myself something like that because MacArthur is (funny as that may seem). I did some looking into this recently and found a very helpful article on DesiringGod.org. This article gives a synopsis of each of the different main views, namely, dispensationalism, covenant theology, and new covenant theology. For the sake of space, I won't summarize the summaries, but I would encourage all of you to read this and tell me what you think of it and where you might fall. Personally, I fall into a position very similar to Piper's. I agree with dispensationals in that I believe that there will be a millenium. I agree with a large amount of covenant theology, especially with the fact that God has always saved His people through grace and that it continues today just as it did in the OT. I also believe that, as Chrisitians, we are grafted into the nation of Israel (Rom. 11) and are counted as Abraham's offspring. I also agree with new covenant theology's view of the Mosaic law and how it is applied to the new covenant that we have now with Christ. I guess I don't like being labeled by any one view. Also, on many of these issues, especially eschatology, I don't think that the removal from fellowship is necessary, but rather, these views are good to talk about and should encourage all of us to dig into the Scripture to see what God says about them.