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I keep wondering...If the land was covenanted to Israel, how does one explain the loss of Israel after the Roman sacking of 70 AD? From 70 AD until 1948, the land did not belong to Israel...but God promised it...a lapse in the promise???

I think most dispensationalists would argue that the return of the Jews from the Babylonian exile did not (nor has it yet) fulfilled the OT prophecies of national resortation. They did not possess all the land in the land promise (indeed, they NEVER have ... leading to the conclusion that the fulfillment is still future), so the destruction in AD 70 was not germaine to any fulfillment. Also, the return from exile back then did not restore the kingdom; they were under rule from other kingdoms at the time; Greece, Roman.

The regathering we witnessed in 1948/1967 is STILL only a return from exile. There is no restoration of a kingdom as of yet. Remember, THAT kindgom will rule the entire world ... and for that to happen in this day and age, it will take the rulership of Jesus Christ to accomplish that; thus those events are related to His second coming. Zech 12-14 is the most vivid depiction of Israels restoration, an event that dispensationalists see happening AT the second coming.