What is Dispensationalism?

Several people have asked what is "dispensationalism?" and I can't think of a better person to quote than Charles Ryrie, a grace oriented man who mastered the art of communicating complex doctrines in simple language.  He says:

"Dispensationalism views the world as a household run by God.  In this household-world God is dispensing or administering its affairs according to His own will and in various stages of revelation in the process of time.  These various stages mark off the distinguishably different economies in the outworking of His total purpose, and these economies are the dispensations.  The understanding of God’s differing economies is essential to the proper interpretation of His revelation within those various economies" (Ryrie, Charles Caldwell. Dispensationalism Today. (Chicago: Moody Press, 1965), 31).

For some, this topic sparks a desire within to debate and divide.  But I'd rather use it as a springboard for discussion.  In the past I found myself hiding behind theolgical arguments because they were way more comfortable to engage rather than sin in my life.  But it all connects back to our souls and the restoration of our brokeness.  We cannot simply engage in theolgical discussion and not address how it should radically change the way we think and live.  Theology is there to point us back to God who is in the business of renovating our hearts.

Furthermore, I would venture to say that any systematic theology fails to paint the perfect picture which cannot be adjusted and perfected.  Systematic/Dogmatic theology should always be accompanied with a heart postured to adjust where adjustment is needed (i.e. admit where it may be flawed).  But that's just my opinion and i've found on several occasions that my dogmatic theology was not bulletproof.  So, i'm always (or try to be) willing to shift if what i'm saying contradicts Scripture.  I want to learn, so let's talk.

Thoughts?