Once again, Frenchy, some very thought-provoking points. Although I can no longer lay claim to being astute as far as scriptures are concerned, my own personal experiences and feelings have led me along the same line of reasoning.
Religions today (any religion) seem to be more involved with "organization" and "laws" rather than faith. While individuals within any organized religion may, indeed, be part of this covenant with God, I honestly don't believe that any particular creed can lay claim to the honor of being "God's people".
This is just my opinion, but it appears to me that defining criteria of "God's people" involve faith, and a searching for truth, rather than an association with a corporate religious entity.