First, it must be stated that it is not within the scope of this discussion thread to exhaustively present to the reader a comprehensive understanding of any particular eschatological viewpoint. Never-the-less, some general statements must be made in order to develop the appropriate bearings in which to properly and honestly navigate through this Biblical concourse.
The most highly favored and therefore majority view of eschatology is known as amillennialism. In his book “Understanding End Times Prophecy”, Paul Benware states that:
This system of theology is usually traced back to St. Augustine (AD 354-430). Before Augustine, for the first three hundred years of the church, the premillennial view was virtually the only view to be found in the church.
To broadly summarize this view, it can be said that it teaches that the “great nation” first manifested itself physically as the nation of Israel but ceased being physical sometime between the ascension of Christ in Acts 1:9 and the appearance of the Holy Spirit in Acts 2:2, transferring the great nation into a spiritual one composed now of God's elect from all nations and peoples. From this perspective, it is clear that subscribers of this view believe that God has completed his work among the physical nation of Israel and that there is no longer a distinction to be made of them among the other nations of earth.
Literally, the name amillennialism means “no millennium”. This theological position does not deny a millennial kingdom, however, despite what the name might suggest. What it does deny, and what the name actually refers to, is a future not-yet-begun millennial kingdom, literally one-thousand years in length or otherwise.
Amillennialism holds the transition to a spiritual nation was also the start of the millennium as well as the beginning of the tribulation of latter days spoken of in verses such as Daniel 10:14, Matthew 24:9, and Revelations 7:14; that the one-thousand years mentioned in every verse of Revelations 20:2-7 is not to be understood in its normal historical-grammatical meaning. Rather, it is to be understood figuratively as an extended but undefined period of time, which began at either the founding of the Church in Acts 2 or at the destruction of the temple in AD 70.
Another widely-held eschatological view, which to a large extent shares a common foundational belief with amillennialism, is Covenant theology, sometimes called reformed theology. This view, formulated in Europe in the sixteenth and seventeenth centuries, derives its name from three theological covenants referred to, in its historical chronological order, as covenants of redemption, works, and grace.
Subscribers to this view see God unfolding His plan through the progressive revelation of the nature of the covenant of grace. Like classic amillennialism, and most important to this discussion, it is believed here that God has completed His work with the physical nation of Israel, having now transferred the national covenant in full over to the elect of all of the nations of earth in the form of a spiritual kingdom.
Further, this view holds that the New Testament use of the word Israel does not refer to the actual physical offspring of Abraham but rather to his spiritual offspring born in faith, the present-day church. Three key texts upon which these last two points hang are Acts 15:13-18 (cf. Amos 9:11-12), Galatians 3:7-8 and Romans 9:6-7.
Alternatively, premillennial dispensational theology sees what can best be referred to as chapter divisions within the entire scope of God's comprehensive and unchanging plan of redemption for all of mankind. Each chapter providing framework and understanding for some aspect(s) of God's sovereign, unified and inexorably unfolding plan of grace and mercy for mankind.
Unlike the two views just presented, dispensational theology holds that while God is presently in the process of completing His work of grace among all of the families of the earth, He is far from being done with the physical nation of Israel. Rather, He has momentarily taken them off the scene so that their continued disobedience can run its course and that the nation will repent and receive faith in her returning messiah (Deut 4:30-31, 30:1-3; Isa 2:5-11, 4:3-4, 12; Jer. 30:7-11, Ezek 39:25-26; Hos 5:14-15, Zech 12:10-13:2; Matt 24:32-34; Lk 21:25-28; Mal 3:16-18). There has been designated a future time where focus will return to the nation of Israel in order to bring them into repentance to completely and literally receive the unconditional physical blessings that God has promised them (Gen 12, 15, 17, 22; Psa 105:8-11; Jer 31:36,37;Ezek 47:13-48:35;2 Sam 7:9-16;1 Chr 17:8-14;Isa 65:17-25).
A shadow and pattern of this view is provided to us when the Lord instructs His disciples to pray in Matthew 6:10 for God's will to be done on earth as it is in heaven. If we are to pray for and literally expect for God's Kingdom to come and His will to be completed on earth exactly “as it is” and not “or in” heaven then it is not possible for us to easily dismiss and “spiritualize” away the clear literal historical-grammatical interpretation of His earthly promises to a physical nation.
The specific point in time in which God will have completed the present phase of His work among the families of all the nations, the age of grace, is referred to as The Rapture (1 Cor 15:51-53; Phil 3:20-21, 1 Thes 4:13-18; 2 Thes 2:1; Jas 5:8; 1 Pet 5:4; 1 Jn 3:2; Rev 3:10). The yet future time following The Rapture, in which the nation of Israel will be brought into repentance, is referred to as The Tribulation (Dan 9:24-27; Jer 30:7; Dan 12:1; Matt 24:21; Rev 3:10, 6, 8, 9).
This view further teaches that The Tribulation will then be followed by what is called the Millennial Kingdom; a literal one-thousand year period of time in which Christ will rule all the remaining physical nations of the earth from His earthly throne, which will have been physically established in Jerusalem (1 Chr 17:7-14; Rev 20:2-7; Isa 65:17-25).
At the end of the thousand-year period of time, Christ's rule will continue on into eternity and one final act of rebellion will be followed by the Great White Throne Judgment (Rev 20:11-15).
While there are some points of agreement to be found within each of the competing views, such as covenant promises, a scripturally supported millennial kingdom of some kind, and a time of trial and suffering, there are quite clearly even wider irreconcilable differences of opinion.
It is highly unlikely that any one of the presented views could claim to be the complete and entirely accurate authority on this subject. Many godly, very dedicated, and very mentally-gifted people, united in Christ and agreeing completely in the core essentials of the Gospel message of faith and salvation, can be found staunchly supporting each one of the eschatological viewpoints.
It is very likely, however, that at least one of the views can be shown to have more support and authority over the others. We will examine two areas of distinction between the physical and spiritual seed of Abraham in an attempt to determine which of these theological positions that is. Specifically, the two areas of distinction that we will examine are the composition, the expectations.