This is for those who would answer NO:
1. What, in your mind is the danger of speaking about a universal church?
Simply confusion really....and also a general shift AWAY from what the Biblical model might be for the purpose of the Church and the model for fulfilling the "Great Commission". The Commision was (to those who deny the U-chrch) specifically tasked to his "Church" which was an Institution in the strictest sense. For an example....One who does not believe in a U-church, will rarely, if ever, donate of time or recourses to "para-church" organizations.
2. What is your interpretation of Eph. 5 where christ "died for the church"?
He did die for the Church....but the tacit assumption I think this makes is that some read into it "
only for" the Church...It does not say that. It WAS a letter TO a local church (that of Ephesus)...and Paul merely states Christ died for it. My stating that I love and care for my wife (when speaking to her) is not my saying that I do not also love and care for my children as well. They are simply not the focus of the statement at that time.
3. Is this debate really just semantics? Are both sides saying the same things but using different words...Does it even matter?
I do not think it is mere "semantics"... It has signifigant consequenses IMO. a heresy which creeps into a local Church (in theory) begins and dies there, and effects then, only it's immediate sphere of Influence. When it breaks out into a Universal idea thought of as the "Church-Unversal" then the effects are more damaging. I have always maintained that there is absolutely NOTHING which we are commanded in the Great Commission to accomplish which necessitates anything more than the local body (and some cooperation between them) to accomplish. Usually, any para-church organization IMO even a good one, is probably taking time and recources which would be more effectively put to use within individual Churches.
4. If church refers to only local bodies, and we all know those are made of both true and false believers, then how does that fit?
Sometimes I refer to what I call the "Church-General" which is to say...the sum total of all local N.T. assemblies. Outside of that, I believe the Scriptures invariably are only speaking of individual local bodies. I would agree with Tom here:
Regarding the opinion that the local church has both true and false believers, we all understand that in the purest since, the false believers are not truly members of the local church. Their names are simply on the roll. Their baptism is invalid and so is their membership.
Usually, and this is my interpretation: someone who believes in local Church ONLY, tends to believe that it was started by CHRIST....and during his EARTHLY ministry...They will usually deny that the Church was "founded" at Pentecost, but rather "empowered" there...and those who were baptized...were "added" to it as it says in Acts 2. In fact, I tend to think it is of signifigance that Christ personally, took part in the ordinances of both Baptism and Communion with what was his first "local Church". This, to me, helps explain (at least in part) why Christ's Baptism was necessary to "fulfill all righteousness". I do not know if these thoughts represent others who agree with local-Onlyism. But it is common interpretation from my school of thought.