Covenant theology employs a hermeneutic of symbolism and metaphor. By not being grounded in a literal, historical, and grammatical hermeneutic that preserves authorial intent, they can spiritualize the text, make it mean something totally foreign, and commit eisegesis.
However, the dispensational hermeneutic allows for authorial intent, and exegesis is conducted using the proper interpretation of Scripture.
With a dispensational hermeneutic and following sound principles of interpretation, we can study Scripture correctly. We do not reject out of hand symbolism and metaphor; rather, we follow what I call contextual literalism. In this scheme, we interpret in a literal manner, unless the context clearly indicates otherwise.
Zach Uram's Blog 