Pastor Johnny Dew's sermon emphasizes the transformative power of understanding God's love and grace through the study of biblical covenants. He highlights the distinction between covenants of works, which rely on human effort for God's acceptance, and covenants of grace, which demonstrate God's unconditional love and commitment to humanity's redemption. The sermon encourages believers to shift their perception from fear and striving for salvation to embracing a relationship with God characterized by love, acceptance, and trust, underscoring that redemption is a gift from God, not dependent on human effort.