The Law and the Gospel: Different Dispensations?

I picked up a used book on this topic and plan to give it a read soon. The book or this topic seems to be one which would be explored in a Biblical Theology course at the seminary level, as by looking at the book it appears to be of that nature. But I have to wonder if the moral law is relevant or to be applied to todays dispensation? I am aware I am a heavy advocate of the moral law in todays Dispensation, which may indeed not make me a Dispensationalist for advocating this view, of perhaps a confused Dispensationalist, but I am not alone for not fully understanding this topic.

Different views on this topic:

Non-Theonomic Reformed View
Theonomic Reformed View
Dispensational View
Modified Lutheran View

Can some explain to me why this issue is a debate in the Reformed and Lutheran camps, but not in the Arminian or Dispensationalism camps? A interesting article on the topic.

http://www.founders.org/journal/fj28/article1.html

People on this board have a view on this issue so lets hear it. Perhaps after I read the book I will come to a different conclusion on my view of the LAW in todays Dispensation.
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I am a slave of God and I serve as a street evangelist/open air street preacher. I have been through The Way of the Master basic training course twice. The WOTM evangelism philosophy is a great way to reach the lost. My life verse is Mark 16:15 which is the call to preach the gospel to all of creation (NIV). The best way is to use the Law to convict the consciences of sinners (Psa 19, Gal 3:24). The Law convicted Paul of sin (Rm 7:7, ESV). I challenge others to use it in their evangelism.