Derek Leman's blog on supersessionism (link: Messianic Musings), or the view that the Church replaced Israel, has some excellent discussion. He brings up the point that many Messianic Jewish groups even adopt a supersessionalist attitude, and that in the Church the view is dominate among even those who say G-d still has a plan for Isra'el.
Our view (CMJ) is that HaShem grafted the nations into Israel (see Romans). Isra'el has been, and always will be, G-d's Chosen People whose role is to be the priestly nation for the world. It is no accident that HaShem will rule through His Messiah from Yerusalem. In the future kingdom the levitical system will be restored, the feasts will be celebrated, the daily sacrifices will be made and all nations will have to travel to Yerusalem for Succot.
So where does this leave Gentile believers and G-d fearers (Gentiles who hold to Torah and see themselves as grafted-in to Israel)? Exactly where HaShem intended, grafted into Isra'el, redeemed by trusting HaShem and His Messiah. Not Jews but part of HaShems family, for the prophets in the Tanakh clearly say HaShem will send a banner to the Gentiles, a light that will draw them to Himself. We believe Messiah is that light, and that through Him Isra'el is not replaced; but elevated, fulfilling her call to be a light and priest for all the world.
Do you see supersessionism still today in your experience? What do see as Israels role?
Feel free to respond.