For some, this change means the contents of the Old Testament can be mostly ignored: the old law is done away, and life and salvation come through Christ. There are numerous teachings of Apostles regarding new stances toward food restrictions, animal sacrifice, and the need for baptism and the gift of the Holy Ghost.
Even among Latter Day Saints, the Old Testament is perhaps the least popular portion of canonized scripture. This is unfortunate, as Latter Day Saints have access to the Book of Mormon. Unlike the lengthy chronological pause between the Old and New Testaments, the Book of Mormon provides a seamless transition between the two times, and gives additional context to the changes that came with the coming of Christ.
From the very opening chapters in the Book of Mormon, the importance of Old Testament prophecy is established. In the first year of the reign of Zedekiah, King of Judah, Lehi sees a vision with a pillar of fire. (1 Nephi 1:6) The parallel between this image and the pillar of fire that guided the Israelites at night is unmistakable. (Exodus 13:21)
Additionally, when Lehi had gone into hiding in the wilderness to avoid becoming a victim to the Godless people of Jerusalem, he sent his sons back at great peril to obtain the writings of the Old Testament. (1 Nephi 3)
These events from the very opening pages of the Book of Mormon seem to indicate that just because something happened before Christ, does not mean it is unimportant. In fact, a recurring theme in the Book of Mormon is that while God pleads with his people to repent and return to him frequently, that there are serious consequences for those that reject his saving power. It is both ironic and tragic that the Nephite people escaped wickedness and destruction in Jerusalem only to return to these things in the promised land.
Ultimately, the Old Testament and the Book of Mormon represent testimonies of the blessings that come from turning to God, and the tragedies that come from rejecting him. The New Testament may bring new practices, unique teachings, and fascinating perspectives... but in the end, there are still lessons to be learned from ancient prophets.