They've been doing a number of interviews of with the Rev. Dr. Alfonso Espinosa on Issues, etc. lately. They're very interesting. Espinosa did his Ph.D in historical theology in Britain. I believe he defended last year.
In any case, his doctoral dissertation was about the historical origins of the Dispensationalist theology. He's been really thorough in his study. He's traced the Rapture concept back to the 15th century. Also, he discovered that Hal Lindsey's weird identification of "Rosh" with Russia in the later chapters in Ezekiel came from some obscure German scholar in the 19th century.
Any way, what I find most interesting is his theological critique of what's going on in Dispensationalism. The question is not really if they make bad exegetical arguments (they obviously do), but rather why they would make them in the first place. The guys who came up with this stuff are really smart people and so, you've got to explain why someone so bright would want to believe in a bad argument.
Espinosa's argument is that the problem lies in Reformed Christology. In other words, being that for the majority of Reformed-Evangelicals (all of whom share the same Calvinistic Christology) do not believe that Jesus is here on earth with us in the Eucharist and the Divine Service, but is rather trapped in heaven, they miss and long for his real presence. Hence, they remain disinterested in what goes on in the divine service (apart from the need to have a weekly personal finance/marriage seminar/bad gospel-music stage show) and are obsessed with the coming of Christ in some sort of imaginary future kingdom on earth. Through his 1,000 reign on earth, apparently, they will finally be able to enjoy his real presence.
Now, as Lutherans we know from Revelation 4-6, our Eucharistic practice will be fulfilled in heaven, and therefore we should long for his second coming. Nevertheless, we don't have to worry or obsess over it or feel anguish at his absence. Instead, for the time being, we have heaven on earth in the Divine Service by the direct presence of the God-man Jesus in,under, and with the elements.
This, I think is one of the best critiques I've seen of Dispensationalism. I'd be very interested to read the dissertation itself.