It was a temporary covenant with Israel until Christ came to die as our sin offering. It was basically serving a ministry of condemnation, pointing to our need for a Savior. One is convicted of their sinfulness through it, if they are honest with themselves, and this leads them logically to realize their need for a Savior.
Moral and ethical principles from the Torah can be understood from it by a spirit-led person, however the specific applications to the nation of Israel do not apply to New Covenant Christians. The whole Old Testament is profitable in that manner, but insisting that the specifics that applied to Israel apply to a New Covenant Christian is an error. It is called another gospel by Paul in Galatians 1.
Hebrews 9:1-10 clearly describes the Old Covenant, and verse 10, in particular, says that the Old Covenant was imposed until the time of reformation. Verse 11 specifies that this time of reformation was when Christ came.
II Cor 3 clearly describes the Old Covenant as well, and verse 11 says it was being brought to an end at that time. Verse 7 calls it a "ministry of death, carved in letters on stone".
Galatians 3:19 says that the Law was added until "the offspring" came. Verse 16 specifies who the offspring was, Jesus Christ. Verse 14 says that it was a guardian until Christ came. Verse 25 says that after faith has come, we no longer need a guardian.
Galatians 5:1-6 calls the Law a "yoke of slavery". This clearly corresponds with Acts 15:1, 5, 10-11, 19-20. Gentiles were not required to observe it, other than 4 elements.
Romans 7:1, 6 says that it does not apply to Jews either, and that they are released from the law to serve in the new way of the Spirit, not in the old way of the written code.
Romans 8:2 calls it the "law of sin and death".
Ephesians 2:15-16 says that Christ abolished the law of commandments expressed in ordinances. These ordinances included things such as Sabbaths, festivals, clean and unclean meats and circumcision which were meant to distinguish Israel from the surrounding nations. These laws created a difference between them that did not need to be there.
Colossians 2:16-17 calls the Sabbath, festivals and new moons "shadows". The same language is used in regards to animal sacrifices in Hebrews 10:1-2.
The end result is this: born-again believers are supposed to walk by the Spirit. Their focus is on Jesus Christ, and not the law. Jesus is the fullest measure of God's holiness, not the law. The law is only a faint glimmer and Jesus is the full radiance.
Paul focuses on walking by the Spirit, and not the flesh in Galatians 5:16-25. The real Christian life is spirit-led, not law-directed. Jesus was constantly trying to get his followers to focus on Him, not the Old Covenant.
A good example of that is the Transfiguration vision thread that I created.
http://christianchat.com/bible-disc...ation-mount-new-covenant-vs-old-covenant.html
He did the same thing in the Sermon on the Mount. His six "but I say to you" statements focused on his authority, not the Old Covenant law. He expanded and transformed the commands of the Old Covenant.
For a fuller treatment of this topic, I would suggest Dale Ratzlaff's book
Sabbath in Christ.
Why would God want the entire Torah to be done away with?
What was the purpose since we still have it in writing?
Did He want at least that part left over to create conflict in the New Testament church?