Great, except for the fact that the writer of the majority of the New Testament kicks the crap out of supersessionism.
I see inaccuracies in both of these views. (1) There is a great misunderstanding of just who "Israel" is and (2) what "the church" is. I do not believe in a "universal church". I believe that there are "churches", bodies of saints. (There are the elect/saints--in both OT and NT). Consequently, "the church" (a catholic hijacking) does not replace "Israel." Israel is who it has always been.
Just who is Israel? Romans and Galatians makes it very clear that "Israel" is the promised seed of Abraham. And we know that from Galatians 3:16 that this seed is Jesus Christ. And if we are Christ's, then we are Abraham's seed, and heirs according to the promise. This was true in the old covenant. And this is true in the new.
Galatians 4:22-31 makes it clear the children of promise have ALWAYS been those who are born after the Spirit (4:29). And Jesus was shocked that Nicodemus did not understand this: "That which is born after the flesh is flesh; and that which is born of spirit is spirit." and "Art thou a Master of Israel, and knowest not these things?" (John 3:6,10)
Who is a Jew?
For he is not a Jew which is one outwardly; neither is that circumcision, which is outward in the flesh. But he is a Jew, which is one inwardly; and circumcision is that of the heart, in the spirit, and not in the letter; whose praise is not of men, but of God." (Romans 2:28,29)Who comprises "national Israel"? A bunch of Jesus-hating antichrists (see John 2:22,23) situated in the middle east? Let's see who the Bible says the real "nation of Israel" is:
Wherefore remember, that ye being in time past Gentiles in the flesh, who are called Uncircumcision by that which is called Circumcision in the flesh made by hands; That at that time ye were without Christ, being aliens from the commonwealth of Israel, and strangers from the convenants of promise, having no hope, and without God in the world: But now in Christ Jesus ye who sometimes were far off are made nigh by the blood of Christ. For he is our peace, who hath made both one, and hath broken down the middle wall of partition between us; Having abolished in his flesh the enmity, even the law of commandments contained in ordinances; for to make in himself of twain one new man, so making peace; And that he might reconcile both unto God in one body by the cross, having slain the enmity thereby: And came and preached peace to you which were afar off, and to them which were nigh. For through him we both have access by one Spirit unto the Father. Now therefore ye are no more strangers and foreigners, but fellowcitizens with the saints, and of the household of God; And are built upon the foundation of the apostles and prophets, Jesus Christ himself being the chief corner stone; In whom all the building fitly framed together groweth unto an holy temple in the Lord: In whom ye also are builded together for an inhabitation of God through the Spirit. (Ephesians 2:11-22)
Not "replacement", but fellow citzens of the commonwealth of Israel. This is the Israel of God (Galatians 6:16).