Merry Christmas to you my brother!
What a great question? I can only answer from my very limited perspective.
I was reared in a nominal SBC church. We had a "Bob Jones man" for a pastor. He was a great man who was untouched by the rancor of the mainstream "fundamentalists" camps. He was (is, he is about 90 now) a great personal soul-winner and faithful minister of the Gospel of our Lovely Lord Jesus. He was an extreme Dispensationalist with the charts and all to prove it.
As I was growing up and toward the ministry as a layman, I "came into the Doctrines of Grace." Please don't think or take that the way I have described this as a new form of gnosticism, although some of my Calvinistic brethren have testified to such.
I have said all of that to say; I cannot understand how anyone who is Reformed leaning can be a full-blown Dispensationalist? That seems like a "theological oxymoron?" But that is a case for another day and another thread.
Secondly, at my home church under the "Bob Jones man" we used many-an Independent Baptist missionary. Many of them were MBI grads. They were all "sound in the faith" as anyone I have ever been around; even other BJU people, Sword-of-the-Lord
John R. Rice people, Jerry Falwell Liberty U. people, and even the Jack Hyles types (wanabees). OOPS! Please forgive that slip of typos!!
I took my Greek @ Mid South Bible College (now Crichton College in Memphis). One of my theology profs was a DTS grad (as were most of the Bible/Theology profs) and he left and went to teach at Moody. He has since gone to Bryan College (sp?) in Dayton, TN to teach. Great man, very knowledgeable. Just as a note of observation, MBI uses DTS grads in spades it seems.
I too have looked at the MBI web page and find the grad programs look to be very strong. The MDiv(s) seem good, the MA(s) seem good; and all are based upon a very strong statement of faith.
I have been so smitten with them; that I even applied for a job there teaching in the areas of Communications, Homiletics, Bible/Theology. But I received a "Thanks but no thanks" or "don't call us we'll call you" or "your 'gifts' don't fit our needs" letter of rejection. Wrong degree, wrong timing, or some such. I really do believe that the Sewanee degree and the Harding Grad School degree from outside the "conservative, fundamental, & Evangelical" circles may have spoiled the mix. Go figure!
Any way, you wanted an opinion and I gave you mine!
I too would like to hear back from (m)any who have had closer encounters w/MBI than me.